A lot can happen between the day you take out income protection and the day you need to make a claim. You might get married, have a child, or get a promotion. That’s why you can increase the amount of monthly income you’re covered for when certain big events happen. And you won’t have to answer any questions about your health in the process. You can use this when you:
- Become a parent through a birth or adoption
- Get married or enter a civil partnership
- Buy a home or increase your existing mortgage
- Get a pay rise of 10% or more
Each time one of these things happens you can boost your cover by the lower of €20,000 a year (this is around €1,667 a month) or 50% of your existing level of cover. As a special one off, you can also increase your cover by a maximum of €20,000 a year provided your salary has increased by 20% since your first started your plan. Over the course of your plan the maximum you can increase your total cover by is the amount of cover you initially took out.
With all the above options, the most you can increase your cover to is 75% of your salary. We’ll work out a new premium based on how much you want to increase your cover. You can decrease your cover at any time you like, and you won’t have to answer any questions about your health to do that either.