Income protection

C

Castlelyons

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46
Should I consider income protection?
Single income household. 2 Dependants. No mortgage.
Would get fairly decent redundancy pkg including ex gratia that would likely keep me going a while until I got something else. High earner. I would be looking for new job immediately and would have reasonable expectation of getting something within 6 months. Livelihood of layoff is high as work in tech sector and they are constantly cutting staff.
Given all above, is it even worth it?
 
There used to be mortgage payment protection type policies that covered unexpected redundandy eg company going bust overnight which did happen to some IT companies. Premiums dramatically increased during last crash and I dont see them being advertised anymore. But even they would not have covered you if the redundancy had any voluntary / package element.
 
Castlelyons said:
Should I consider income protection?
Single income household. 2 Dependants. No mortgage.
Would get fairly decent redundancy pkg including ex gratia that would likely keep me going a while until I got something else. High earner. I would be looking for new job immediately and would have reasonable expectation of getting something within 6 months. Livelihood of layoff is high as work in tech sector and they are constantly cutting staff.
Given all above, is it even worth it?
Click to expand...
Sounds to me like you're in a good position and would probably be better off to "self insure" by simply saving up a few months' to maybe a year's worth of household expenditure as an emergency fund. Of course I'm scammed that you're living within/below your means so if you're not then that's probably something that needs attention first. Don't forget that Pay Related Jobseeker's Benefit may well be available to you if you became unemployed.

Jobseeker's Pay-Related Benefit

Jobseeker’s Pay-Related Benefit (JPRB) is a payment based on your earnings from work before you became unemployed. It is available from 31 March 2025.
www.citizensinformation.ie www.citizensinformation.ie
 
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