Irish Life Income Protection
You will not have to pay your premiums while you are receiving an income benefit. During this time, your policy continues as normal, so that if you do return to work and at some stage in the future and need to claim again your plan has continued unchanged.
A daily replacement income is paid if you are in hospital for more than seven days during your deferred period and for a maximum of 90 days.
On each third anniversary of your plan, you can top up your Income Insurance benefit by 20% without having to give us any extra evidence of your health, job, residence or pastimes. You can choose to top up your cover five times, but the top-up limit of 20% is always based on your original amount of cover. If you do not choose to increase your cover on two occasions when we offer the chance to top up, we will not offer you the top-up again.
Your Income Protection Plan will continue to cover you if you change jobs, regardless of what your new job entails.
If you return to work part or full-time either in your old job or a new career, and your new earnings are less than previously earned, you may be eligible to receive a partial benefit.
As well as the top-up option above, one year after you start your Income Insurance plan, we will offer you the chance to have your cover automatically increased. This is called ‘indexation’. If you choose this option, your cover will automatically increase each year by 5% or in line with the consumer price index, whichever is higher, without you needing to provide medical evidence. The payments you make will increase by more than this to reflect the cost of the increased cover, based on your age at the time of the increase. If you do not take these options when we offer them, you will need to provide evidence of your health for any future increase.
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