Understanding the Differences between Income Protection and Serious Illness Cover

Benefits of Income Protection Benefit

Income protection covers:

  • Any illness, injury, or disability that prevents the policyholder from working (excluding pre-existing conditions)
  • Provides a replacement income if the policyholder cannot work for longer than the deferred period due to illness or injury
  • Includes stress or back pain for coverage
  • Pays out a regular recurring taxable income at the marginal rate after the deferred period

Pros of Income Protection

  • Provides a replacement income, especially for self-employed individuals
  • Tax relief provided on premiums paid
  • Can make multiple claims on the policy
  • Covers absence from work due to stress or back pain
  • Premiums are affordable when commencing the plan

Cons of Income Protection

  • Difficult to obtain cover for manual labor or high-risk occupations
  • Underwriting is strict, and exclusions may apply based on previous illnesses or injuries
  • Definitions of cover can vary between life insurance companies

Benefits of Serious Illness Benefit

Serious illness cover:

  • Pays a lump sum if the policyholder is diagnosed with one of the specified illnesses covered by the policy
  • Illness must be listed under the policy’s definitions
  • Pays out a once-off tax-free lump sum on diagnosis of the illness

Pros of Serious Illness Cover

  • Provides a tax-free lump sum benefit
  • Lump sum may be adequate to pay off mortgage balance
  • Can select the sum insured required at an affordable premium
  • Additional benefits available on some plans

Cons of Serious Illness Cover

  • Definitions of serious illnesses can be complex and vary between policies
  • Underwriting may involve strict criteria and exclusions
  • Definitions of cover can vary between life insurance companies

Ezfees Financial – Mortgage & Life Broker Options

At Ezfees Financial, we prioritize helping you achieve your financial goals. Whether it’s income protection or serious illness cover, our dedicated advisors provide easy-to-understand financial advice tailored to your unique needs and goals. Contact us today at 0818 910800 or email your query to info@ezfeesfinancial.ie

Business Owner Consultation

Your business is your baby, so it deserves protection. Our team of experts will guide you through informed decisions to provide tailored policies. Shield your business against unexpected setbacks and ensure stability, whether you’re a startup or an established corporation. We’ll create a financial plan that will guide the balance of your personal finances and your long-term business goals.

What’s in this for you? Discuss your business finances in confidence with trustworthy advisors to:
1) Create a money management plan to suit your business
2) Align your business and personal objectives
3) Get clarity and validation on your strategies from dedicated Financial Advisors committed to safeguarding your business finances
4) Be advised when you need to speak to Tax Advisors where relevant
5) Obtain guidance onto Owner/Director on Pension planning and legislation
6) Referral to a Life/Business Coach where relevant

Plan for your business’s long-term financial goals:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Safeguard your business and your future

Investment Consultation

With low deposit rates and high inflation rates, savings and investment plans are appealing right now. We understand what it’s like to make sacrifices to accelerate your savings goals so you can achieve your dreams. That’s why we provide expert guidance so you can take charge of your future without sacrificing your valuable time.

What’s in this for you? Why you should consider savings and investment plans?
1) The potential for higher returns
2) Flexibility in the amount you save
3) Short, medium and long term options to suit your goals, amounts and terms to save
4) Investment options appropriate to suit your needs and goals

How you can save to secure your dreams:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

Mortgage Consultation

Whether you are a first-time buyer, mover, switcher or looking to invest in a rental property, we have a mortgage solution to fit your unique situation. Over 60 and looking to release equity in your home to support your children, go on that dream holiday or pay off bills? We find the mortgage most suitable for you and your family’s needs and support you through the entire process. You’re guaranteed to find the best mortgage option for your financial needs and goals, with impartial advice and competitive rates.

Clear, simple, actionable advice for all your mortgage needs:
1) First time buyers
2) First Home Scheme/ Local Affordable Authority Scheme
3) Switchers
4) Home Movers
5) Investment Property
6) Self Employed
7) Contract Workers
9) Lifetime Loan (over 60’s equity release)

How you can get started:
1. Share your journey with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

Financial Planning Consultation

Secure your future and that of your loved ones beyond homeownership with life assurance, income protection and pension advice. Whatever your stage of life or money situation, our team of experts will help you make informed decisions to safeguard your financial future.

What’s in this for you? Planning your future, helps make your dreams a reality:
1) Start by creating a money management plan
2) Work with our dedicated Financial Advisors committed to safeguarding your future
3) Helping you get the guidance you need to achieve your long-term financial goals

Safeguard your financial future today:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Safeguard your Financial Future