Unlike other types of cover which pay out lump sums, income insurance can provide you with a regular monthly income after a certain period of time if you are unable to work because of an accident or injury. It is a form of disability or sickness insurance that can help to alleviate financial worries and help you to maintain the lifestyle you know, should you no longer be able to earn an income. Income Insurance does not cover you if you become unemployed.
Taking into account all of your regular bills and the additional financial burden of extra medical costs, do you think you could maintain your current lifestyle with the assistance of State benefits or any other income insurance plans or entitlements that you have? If the answer is no, you may wish to consider Income Insurance. At EBS you can choose an Income Insurance plan to help you protect your income.
How does Income Insurance work?
Income Insurance is designed to be as flexible as possible. Below are some points to help you decide if this cover is right for you.
- You decide how much cover you need based on your current earnings, how long you need the benefit to be paid for, and how long you want the cover for.
- You also decide your deferred period. In the event of a claim, once this deferred period has elapsed you receive the incapacity benefit to replace some of your income while you are off work
- You make regular payments to keep the cover in force.
- We provide cover until your plan ends, no matter how many claims you make. Income Insurance does not cover you if you become unemployed.
- You must tell us when an illness or an injury stops you working.
- We pay you a monthly income from the end of your chosen deferred period for as long as you are eligible
Important points about Income Insurance
- If you stop making your regular payments, you will no longer be protected, and we will not refund any money.
- You cannot cash in your plan – it is not a savings plan.
- It is very important that you review your plan benefits against your current earnings, as they may not continue to meet your needs.
- At the time of a claim, your earnings must be above the level that justifies the amount of cover you have chosen. If not, you will receive a reduced benefit. In this case, we will not refund any part of the payments you have made.
- Claims will not be paid in certain circumstances, for example if you have not given us full information about your health.
PLEASE NOTE: INCOME INSURANCE DOES NOT COVER YOU IF YOU BECOME UNEMPLOYED.
WARNING: YOU MUST KEEP UP WITH YOUR MONTHLY PAYMENTS TO STAY ON COVER.
Income Insurance is provided by Irish Life Assurance plc.
Acceptance terms and conditions apply. EBS d.a.c. is a tied insurance agent of Irish Life Assurance plc for life insurance products.
Irish Life Assurance plc is regulated by the Central Bank of Ireland.