Income Protection Calculator
If you suffer an illness or injury that prevents you from being able to work, income protection insurance is a policy that ensures you are still paid a percentage of your wages while you recover.
The policy is usually paid out after a deferred period – that is to say your benefits will start coming in after a period of time agreed in the policy. Usually 3-6 months.
In Ireland, the statutory requirement for sick leave is only 3 days of 70% pay. This means you are protected for short term illnesses – but financially exposed to longer terms ailments. This is where income protection is useful as it covers 75% of your wage in the event of illness or injury. This insurance means that you are financially protected in the event of a long term illness or injury.
1. Your Occupation
Your line of work can directly influence the amount you require to cover your income in the event that you are physically unable to perform in your job. Different industries present different risks and the cost of insurance will vary accordingly.
Your work may be physically demanding and potentially likely to cause long term damage. If, for example, your job requires a lot of heavy lifting, potential back injuries may be taken into account.
2. Your Income Level
How much you earn will naturally influence how much compensation and how many benefits you require if your health suffers.
3. Your Employment Status
Insurance prices can change based on whether you are an employee at a business, self-employed or perhaps a company director. The details of your status within your work are impactful.
Those positions which are more stressful carry a higher income protection price.
4. Your Current Health Status
Your health is hugely significant in influencing your potential insurer. Our income protection calculator takes into account factors like whether or not you smoke and whether you have any major health issues in order to gauge the likelihood of your contracting a debilitating illness that may stop you from working.
5. Your Age
Your age may influence the likelihood of illness or injury and thus impact the cost of your income protection. Our income protection calculator can be used by all manner of age brackets.
6. Your Location
Income protection insurance can fluctuate depending on where you and your job are located. Our income protection calculator can account for wherever you are based. This is particularly the case if you are working offshore or in a different jusrisdiction.