Income protection… the basics
You can apply for income protection if you’re employed, self-employed, a company director, a homemaker or an unpaid carer.
Check out these numbers…
Minimum age at entry
Minimum sum assured
€12,000 a year
Single life assured only
Maximum age at entry
Maximum cover expiry age
Maximum sum assured
€250,000 a year* (before indexation, if applicable)
Generous maximum benefit
You can insure up to 75% of your annual income, up to a maximum of €250,000 (before indexation, if applicable). But when it comes to protecting your income, a little goes a long way and you don’t need to cover this much if cost is an issue. Remember, your benefit will be subject to providing proof of earnings at time of claim.
Wide choice of deferred payment periods
A deferred period is the amount of time that you have to wait before your policy pays out. When you’re setting up your policy, you decide when you want your claim payments to begin. So if your employer pays you for six months while you’re ill, you can have your benefits start when this period runs out. With Aviva income protection, you can defer for 4, 8, 13, 26 or 52 weeks. The shorter your deferred period, the higher your premium will be.
Option to keep up with inflation
You can choose at the outset whether you want your benefit to stay level or to increase annually to keep up with inflation. This is called indexation. If you choose indexation, we’ll automatically increase your payment amount every year by 3% on the anniversary of the start date of your claim. There will be an additional charge for this option.
You don’t have to pay any premiums while your benefit is being paid to you.
Cover for those working in the home
We know that keeping a home is hard work and Aviva is the only personal income protection provider who will pay you a benefit if you’re engaged full-time in household duties*. If you can’t perform those duties, we’ll pay you a benefit of €15,000 per annum. We also provide cover for the same amount with the same conditions to full-time carers – those who look after an ill, disabled or elderly relative without pay. **
Statistically, non-smokers generally enjoy better health. So, when you start your policy, if you haven’t smoked any form of tobacco during the last 12 months, we reward you with lower premiums than if you were a smoker.
Tax relief on premiums
You can claim full Irish tax relief on all the income protection premiums you pay at your marginal rate of Irish tax (as long as your premiums don’t exceed 10% of your total Irish income). This is only available if you pay income tax and it’s your responsibility to claim this tax relief. You should be aware that a change to your tax or employment status may affect your eligibility to claim tax relief.
Top ups for more protection
Need more cover than your current policy gives you? You can top up your policy to give you additional cover – up to a maximum benefit of 75% of your current earnings. If you do choose to top up, it means that you’ll be creating a new policy and we’ll need to take your age, health and pastimes into account when we’re setting it up. If you’re accepted for cover, we’ll charge you the rates applicable at the time of your top up.
Change of occupation
If you change your occupation, we will continue your cover regardless of what the new job entails with no change in your premium rate.
Important information about your income protection.
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*Source: bestadvice.ie, November 2016.
**For homemakers, and unpaid carers, the “work tasks” definition of disability will automatically apply. What this means is that we will pay a benefit if you are unable to perform at least three of the following tasks: Walking; Rising/sitting; Fine hand control; Communication; Eyesight; Lifting and carrying.
Aviva Life & Pensions UK Limited, trading as Aviva Life & Pensions Ireland, is authorised by the Prudential Regulation Authority in the UK and is regulated by the Central Bank of Ireland for conduct of business rules.
Aviva Life & Pensions UK Limited, trading as Aviva Life & Pensions Ireland, is also regulated in the UK: by the Prudential Regulation Authority for prudential rules and, to a limited extent, by the Financial Conduct Authority for applicable UK conduct rules. Registered Branch Office in Ireland (No 906464) at One Park Place, Hatch Street, Dublin 2. Tel (01) 898 7950. Registered in England (3253947) at Wellington Row, York, YO90 1WR.