INCOME PROTECTION PLANS
INCOME PROTECTION FOR
Find out how income protection cover works to protect both
your public and private income, so that you can secure the
lifestyle you have built for you and your family...
INCOME PROTECTION FOR CONSULTANTS
Income Protection cover provides you with a replacement income in the event that you become unable to work due to accident or illness. This is particularly relevant for Consultants who incorporate a lot of private work and have a reduced safety net. Your benefit will last for as long as you are unwell, right through to retirement age.
CONSULTANT INCOME - PRIVATE & PUBLIC ARRANGEMENTS
In many cases consultants have a combined earnings of both public and private income and as a result need to cover each income separately. In terms of your public income, as a consultant with the HSE you are entitled to full pay for the first three months of any illness and half pay of the next three months. If you suffer a critical illness they may extend this to 6 months full and 6 months half pay. At the end of that period you go on to state benefit of €203 per week.
You can arrange to have your income protected for up to 75% of your salary less social welfare payments. Its important that we tie in the period of sick pay you get from your employer with the deferred period on your policy. Therefore its reasonable and cost effective to put a 6 month deferred plan in place covering you to age 65.
Your private income is a different matter.
Income protection premiums are an approved business costs making it a tax deduction in your accounts, effectively reducing the premium by up to 40%.
1 IN 7 CONSULTANTS / GP'S CLAIMED ON THEIR INCOME PROTECTION POLICY IN 2018
Just over 1 in 7 Medical Professionals including GPs, Consultants and Pharmacists claimed on their income protection policy in 2018 compared to 1 in 8 the previous year, marking a significant increase.
Within the GP/Consultant group, three ongoing claimants were paid €350,000 and will continue to be paid for as long as they are unable to return to work full time.
Dr Vladka Vilimkova
Dr Vladka was diagnosed with cancer in late 2012 and has undergone four extensive surgeries since. Unfortunately the treatments have resulted in a significant loss of arm/shoulder mobility, rendering her unable to work for the foreseeable future. Vladka’s Income Protection policy has provided her with a weekly income since her first diagnosis and will continue to do so as long as she is unable to work.
Dr Emma O'Hara
When I applied for income protection in 2013, I was in perfect health. Then suddenly I found myself laid up with broken bones from a serious car accident. I had barely paid my first premium, but Omega honoured their word. I never had to worry about payment, and the claim form was simple and quick. It was one major headache I didn’t have to deal with. I would recommend every professional to seek income protection, because you never know what lies ahead.
I like to keep fit and healthy and it is rare that I am unable to work due to illness. However in recent months I have claimed on two occasions for 2 days of lost income as a self employed business owner. The claims process was swift, DG kept me informed and the claim was paid within 7-10 days. Overall I have found the support provided by DG and Omega Financial to be excellent and would recommend highly.
As a general dental practitioner who owns a mixed private/GMS practice I thought it was essential to have Day One income protection against a rainy day. Practices have so many hidden costs that a considerable down time would put real strain on the every day running of the practice so I felt Day One protection was essential. Covid-19 was one of those down times. Overnight the practice shut its doors and all sources of income were lost.