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Income Protection

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What is Income Protection?

Income Protection is a type of life insurance policy that provides you with a monthly income if you are ill or injured and unable to work, until you are fit to return. If an illness or injury prevents you from working, you need time to recover, but you’ll still need financial support. While you might receive sick pay from your employer or have savings to rely on, regular expenses such as your mortgage, bills, and daily living costs will still need to be covered.

What does Income Protection cover?

Income Protection provides a monthly income if you are ill or injured and unable to work. You can use this money to pay your bills, cover medical treatment costs, or manage other financial responsibilities. This support allows you to focus on your recovery without financial stress.

How does Income Protection work?

  • While you’re healthy, you pay a monthly or yearly premium.
  • If you become ill or injured and are unable to work, you can make a claim and receive a monthly income until you recover or reach the end of the plan.
  • While receiving your monthly income, you are not required to pay premiums.
  • Once you recover and return to work, your premium payments resume.

Benefits of Income Protection

As your Financial Broker, Malahide Insurance Shop works with five leading life insurance companies to provide you with a range of Income Protection policies tailored to your needs. These benefits include:

✅ No limit on the number of claims – You can claim multiple times throughout the term of your policy if needed.

✅ Rehabilitation Support – Through the five life insurance companies we work with, We can provide access to a team of rehabilitation nurses who can visit you at home and help create a recovery plan. We can also arrange and fund physiotherapy, psychological counseling, or specialist doctor consultations to help speed up your recovery.

✅ Proportionate Payment – If you return to work with a reduced salary—whether in your current role or a different one—you may be eligible for a partial benefit payment.

✅ Flexible Cover – Your income protection plan can be adjusted as your financial situation changes. If you receive a pay rise or take on a larger mortgage, you may have the option to increase your level of protection (subject to certain limits).