Income Protection Insurance If You Get Fired

You might not need income protection insurance if.

Income protection insurance if you get fired. From irish life assurance. You could get by on your sick pay. Therefore if you re unable to work the insurance company will provide you with a taxable income of 2 288 per month until you get back to work or your policy ends. If you want to cover 60 of a 30 000 annual income 18 000 but an insurer has a maximum benefit of 15 000 you can only cover 50 of your income.

There are 80 of working australians who want to quit their jobs the short end of it is that income protection doesn t cover you if you resign from your job. Income insurance from irish life assurance pays you a regular income if you can t work because of an injury or illness while you are employed. If you re fired for something bad you ve done or if you leave the job without another one lined up your policy most likely won t pay out. If you are looking to quit your job you are not the only one.

For example if you have an employee benefits package which gives you an income for 12 months or more. Formerly known as permanent health insurance income protection is an insurance policy that pays out if you re unable to work because of injury or illness. Yes income protection insurance covers you if you lose your job provided you lose it through no fault of your own. However if you are involuntarily made redundant you can get an income protection plan that will help you while you are on a hunt for a new job.

Don t be led astray by buying a life insurance policy that does not cover everything you think it does. Income protection usually pays out until retirement death or your return to work although short term income protection policies which last for one or two years are also available at a lower cost. Here is more information on income protection what else is covered. Nor will you be covered if you are fired or if for some reason you have to leave work voluntarily.

But they might not be enough to cover all your outgoings. Income protection at a glance. Income protection does not include redundancy cover.