If an illness or injury stops you working, you need time to get better. But you’ll still need to be able to support yourself and your family financially. You might get sick pay from your employer or have some savings in the bank to fall back on. However, given that the average household spending for an Irish family is around €3,600 a month* (including mortgage repayments), you might not be able to cover everything.
Outlays such as your mortgage, bills and weekly food shop will still need to be paid. On top of these, there’s the cost of things that are important to you – like your children’s clubs and hobbies, your pets, eating out, or keeping up your digital TV subscriptions.
How it works
While you’re healthy, you pay a premium every month, or each year if you prefer. If you are unfortunate to fall ill or become injured and are unable to work during the term of your plan, you can then make a claim and receive a monthly income until you’re well again.
While you’re getting your monthly income, you don’t pay any premiums to us. When your illness ends and you return to work, you start paying your premiums again. For example, if back pain means you can’t work, or if you’re unable to work due to mental health issues, if a car accident puts you in hospital, or if you’re diagnosed with cancer and need time out for treatment – income protection will help support you until you can work again.
Every year, countless days of work are lost because of musculoskeletal problems, like back pain, and mental health issues, like anxiety and depression. Taking out income protection means you’ll know that, if something like this happens to you, you’ll have money and support to help you through. You can use the money to pay your bills, or cover expenses you might build up around medical treatment. You can use it to keep doing the things that make you happy. However, you decide to use your money, it’s there to support you and your family so you can focus on getting better.
Once you’ve decided which plan is suitable for you, you can then tailor it to your specific needs.
Zurich offer competitive and flexible Income Protection. To find out more or if you have any questions go to our FAQs on Income Protection. You can also talk to a financial advisor to go through your options. Find an advisor in your area or call us on 0818 804 164.
*Source: CSO.ie. Household Budget Survey 2015-2016