FAQs
Got questions? We’ve got answers. Here are some of the most common questions we receive from Healthcare and business professionals about financial planning.
Many HSE employees receive sick pay benefits, but these may have limits on duration and coverage. If an illness or injury prevents you from working long-term, income protection ensures you continue receiving financial support beyond what your employer provides.
Your ability to assess and treat patients depends on your movement and strength and any injury or condition affecting mobility could significantly impact your career.
While HSE employment offers stability, unexpected health issues can still disrupt income, especially if you're on contract or temporary assignments.
A full time permanent HSE employee is entitled to 6 months full pay and 6 months pay depending on the illness. At the end of that period, you may be forced to retire or take the state illness benefit of circa €12,688 pa.
If you are unable to work due to illness or injury, income protection insurance can provide a portion of your salary, helping you maintain your lifestyle and meet financial obligations like mortgage payments, student loans, or practice expenses.
If you have a family or dependents relying on your income, income protection can help ensure their financial stability in case you're unable to work.
Why Do You Need Income Protection?
Your Expenses Don’t Stop
Your financial responsibilities continue. Income protection ensures you can meet your commitments.
State Benefits Not Enough
Government supports may not be sufficient to cover your professional and personal expenses.
Peace of Mind
Knowing that your financial future is secure allows you to focus on recovery without added stress.
"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."
"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.
