What is Wage Protector?

Wage Protector is a type of insurance which pays you a regular income if you suffer any illness, injury or accident which prevents you from earning an income. You pay a monthly premium based on your health, your occupation and the level of benefits you want.

What does Wage Protector do?

If an accident, illness or injury leaves you unable to earn an income, then after a waiting period, a wage protector policy would pay you up to 75% of your normal income (less social welfare), for a period of up to 24 months. This should be more than enough to cover your main financial commitments: mortgage/rent, utility bills, education, insurance and living expenses.

Who can get Wage Protector?

Wage Protector is available to people who are in paid employment or who are self-employed. Because it offers cover for 24 months, its less expensive than full income protection which would pay you until retirement age if you could no longer work.  It offers people who work in riskier jobs who are generally more expensive to insure, an opportunity to have cover for the first time.

Why would I need Wage Protector?

Some employers offer some form of sick pay, but this very rarely lasts more than 6 months.  After that, you may be entitled to State Disability Benefit but this is unlikely to be enough for you to maintain your lifestyle.  With Wage Protector your benefit could become payable from as soon as 13 weeks after you make your claim and would continue for up to 24 months. This means that your financial needs are taken care of while you recover and you get complete peace of mind.

Where can I find out more?

We can give you advice on what form of Protection is best suited to your needs and advise you on tailoring your cover to your budget and circumstances.

Talk to us today on 047 38600

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