What is Income Protection Insurance?
Most people know what health insurance is and how it works, but fewer people are aware of the existence of income protection insurance. Basically, income protection insurance is a type of insurance that pays out a regular tax-free monthly income in the event of any unforeseen illness or accident that prevents you from working. It is also known as permanent health insurance or long-term disability (LTD) cover and is different from short-term disability cover which only covers you for 6 months or less.
Nowadays, many employers offer employee benefits packages which include some form of income protection cover as part of their overall package. However, if your employer does not provide this benefit then there are other options available to purchase such as an individual policy directly from an insurer like Allianz Life Assurance Ireland Limited.
