Income Protection from New Ireland Assurance

New Ireland, the Life Assurance arm of Bank of Ireland, have launched a new Income Protection product to compete with the existing offerings from Irish Life and Friends First.  They are first to the Irish Market with a number of features which make the policy very competitive.

Below are some interesting features that differentiate it from the existing policies, particularly in terms of the application and underwriting process more straightforward.

Broadest Selection of Deferred Periods.

They are the only company to offer 8 weeks. The deferred period defines when your payment will start in the event of claim. New Ireland are the only company to offer an 8 week period, along with the standard 13, 26 and 52 week policies.

Guaranteed premiums

The New Ireland plan features the option of level premiums, which means your premium will remain fixed for the duration of your policy, even if you make a claim.

Guaranteed Insurability Option

As you move through your career your income is likely to increase with experience. It is important that you can increase your cover in-line with your income. The New Ireland Guaranteed Insurability Option allows you to increase cover by up to 20% of the original amount every 3 years. No evidence of health will be required. The maximum total increase over the policy is 100% of the original cover.

Confirmed Income Option

This is a very valuable optional benefit in the current cliamate. It helps guarantee what you’ll receive at claim stage. You can confirm when taking out the policy the income amount that will be used to calculate the benefi t. This means that a reduction in your income during the term will not reduce the benefit. For those who are self employed and finding business is reducing at the moment but likely to recover, this is invaluable

Back to Work Benefit

This benefit will help with your finances once you return to work after a long term claim e.g. 1 year. You will get 50% of your benefit for the first month back to work and 25% of the benefit in the second month.

Rehabilitation

They work closely with you to help you continue to carry out normal everyday activities, and ultimately return to work.

Occupational Change

Your policy will continue to protect you if you change jobs, regardless of what your new job entails.

Essential Activities Benefit

The policy will continue to cover you should you become unemployed. This means, under the Essential Activities Benefit, you remain on cover, as follows:

•  You’ll receive an annual benefit of €15,000 in the event of extreme disability. To reflect this reduced benefit, your premium will also reduce.
• Should you return to full time employment within 12 months, you can re-instate the original cover without having to provide any new evidence of health.

Meet our Financial Services Team or contact us now for a consultation.

To find out more about protecting your income call Dave now on 01 443 4648

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