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Ellis Financial | Income Protection Plans

Ellis Financial | Income Protection Plans

Income Protection Plans

Income Protection

Income Protection offers you financial security for yourself and your family if you are unfortunate enough to be out of work because of an illness or accident and suffer a loss of earnings as a result. It will pay you a weekly benefit* after a deferred period.**

What type of disability is covered?

Your plan will protect your income against:

which results in you being unable to work for longer than your deferred period. While we do not cover normal pregnancy situations, we do cover any disability caused by pregnancy, however, in such circumstances your deferred period commences from the date your pregnancy ends.

Maximum Benefit*

The maximum benefit allowed on an Income Protection plan is calculated as 75% of the first €82,000 of your earnings plus 33% of the balance of your salary subject to a maximum of €3,155 per week. (Subject to a maximum of 75% of your net relevant earnings less total state benefits).

Deferred Period**

The Income Protection plan will provide you with an alternate source of income. This income is a weekly benefit payable after a deferred period of either 13, 26 or 52 weeks. The deferred period is the length of time between when the illness is first diagnosed and when you start receiving an income benefit.

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Additional Benefits

Hospital Cash benefit

Under the plan, you can receive an income benefit any time during the deferred period if you spend more than 7 days in hospital. The amount you receive will be equal to 1/7th of your weekly benefit for each day spent in hospital starting on the eighth complete day and payable up until the earliest of:

Changing Occupations

We will continue to cover you if you change jobs, regardless of what your new job entails. If you are made redundant, your plan will continue while you are looking for another job, however, you cannot claim benefit while unemployed.

Premium Protection

You do not have to continue paying premiums while receiving an income benefit. Instead we will pay your premiums for you and when your claim finishes you will restart paying premiums.

Guaranteed Increase Option

Our Guaranteed Increase option allows you to increase your income benefit by 20% of your original income benefit without having to provide new evidence of health. This offer will be made to you every 3 years up to a maximum of 100% of your original income benefit. However, if you decline this option twice, we will not offer it to you again.

Overseas Benefit

If you claim income benefit while you are outside the European Union, we will pay your income for 13 weeks in a 52 week period or 39 weeks in total. If you return to Ireland or the European Union within this time, we will continue to pay your income benefit.

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Optional Benefits

Indexation

You can index your income benefit by 3% each year. This feature applies before, during and after any claim you make, and ensures that as your salary increases each year, so too will your replacement income. Your premiums will also increase by 3% each year.

Escalation

You can alternatively select escalation. This feature means that your income benefit will escalate in payment by either 3% or 5% p.a. from the anniversary of the expiry of the deferred period. Your premiums remain level under this option.

Premium Types

Guaranteed Premiums

The guaranteed premium option will ensure that your premium will not change during the tenn of the plan if your chosen benefits remain the same. This allows you to know in advance how much your premiums will be over the term of the plan.

Reviewable premiums

The reviewable premium option will guarantee your premiums stay constant for the first 5 years of the plan. We will review the premium every 5 years thereafter. In the review we will take into account claims experience over the preceding years and changes in economic conditions. We will also take into account any medical breakthroughs and Ihe discovery of any new diseases. If it is necessary to change the premium, we will offer you the choice of an increase in premium or a reduction in benefits.

Taxation

Tax Relief on Premiums

You will receive tax relief on all premiums you pay (up to a maximum of 10% of your total salary) at your marginal rate of tax.

Tax on Income benefit

You will receive your income benefit net of income tax under PAYE.

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Income Benefits on Returning to Work

Proportionate Benefit

We will pay you a reduced income benefit if you return to work to a different job. This benefit applies if your new salary is less than your old salary. Your reduced benefit will be your full benefit multiplied by the percentage Fall in your salary.

Rehabilitation Benefit

We will pay you a reduced benefit if you return to your normal Job on a reduced basis, sucli as part-time. The benefit is calculated in the same way as for proportionate benefit.

Relapse Benefit

We will immediately restart paying your income benefit if you have a relapse within 6 months of returning to work.

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