Income Protection has always been a no-brainer for customers but some times unattainable due to its high cost. Enter: Wage Protector from Aviva. An everyday essential that works when you can't. It is designed specifically for workers in riskier jobs who are generally more expensive to insure; such as construction workers, electricians, plumbers, mechanical engineers and the self-employed.
This product provides all the same great benefits as Income Protection at a fraction of the cost and for a shorter period of time.
How does Wage Protector work?
The product is divided into two types of cover.
Transitional cover: This cover kicks in after the deferred period (4, 8, 13 or 26 weeks) and pays you a replacement income for 24 months if you are unable to do your own job. This gives you an opportunity to get back on your feet or prepare for an alternative job. After this initial period, depending on your circumstances, full Disability Cover may apply.
Disability cover: This cover will apply if you are unable to return to any work due to significant illness or injury and suffer a loss of earnings as a result. You must pass a Functional Assessment Test to qualify for this cover. This is a simple, easy to understand set of physical and mental ability tests.
Dog Groomer (Class 3), annual salary €50,000
€518 benefit per week costs €40.00 a month (includes tax relief of 40% on premium)
Age 37, dob 01/01/1983. Non smoker, entitled to state illness so benefit 75% of salary less €10,556. No escalation, no indexation, personal IP, reviewable, Deferred period 13 weeks. Ceasing age 65.
This should help to ensure that she can maintain her financial outgoings such as mortgage payments and some of the household bills. The benefit payment could be supplemented by the state illness benefit.
Self Employed Plumber (Class 4), annual salary €45,000
€649 benefit per week costs €57.27 a month (includes tax relief of 20% on premium)
Non smoker. Salary €45k, weekly benefit: €649 (75% of salary). No indexation, no escalation in claim. Personal IP – all reviewable as WP is reviewable. Ceasing age: 65.
Deferred period: 13 weeks (logic, self-employed so no state illness benefit when sick). This should help to ensure that he can maintain his financial outgoings such as mortgage payments and some of the household bills.
Additional Automatic Benefits include:
Best Doctors Second Medical Opinion: indepth analysis of your case by an expert
Aviva Family Care Benefit: counselling and support services
Hospital Cash Benefit: income if hospitalised for more than 7 days
Waiver of Premium: Aviva will pay your policy premium while you are on the benefit
Contact 1 Stop Brokers now to find out how much cover you need and how much it will cost. 021 4858400 or fill in our quote form at https://www.1stopbrokers.ie/incomeprotection .