Other Policies that will pay you some sort of income if you out of work

[Passport1]

Hi
I don’t get paid if I am off work sick or if I were to have to go into hospital and had re-couperation period afterwards or if wasn’t able to work if I broke an arm or a leg etc.

I know there are schemes/policies out there such as Specified Illness protection or Income Potection or Critial Illness Protection like talked about at http://www.askaboutmoney.com/showthread.php?t=187337

Do any of these cover the likes of the above per say short term illnesses if I were to have to go into hospital and had re-couperation period afterwards or if wasn’t able to work if I broke an arm or a leg etc. that would pay you an income while you were off sick/in hospital/recuperating. I don’t think they do
Do you know of any schemes that do pay something like that – HSF do have a scheme but they pay you for days you are in hospital and pay a recouperation grant if you are in hospital for > 10 days but they don’t seem to have anything that pays an income or some sort of payment say on weekly basis while you getting better or recouperating

I’m PAYE so would get something from the state but that wouldn’t be enough to cover all the bills etc

Thoughts?
Thanks

 

[Steven Barrett]

Income protection is the best cover available in that it will continue to pay you as long as you are absent from work up to your chosen retirement age. Most providers have a deferred period, with the earliest one being 4 weeks. There is a new product being promoted that pays from day 1 but I don't offer it to clients as there is a relatively low limit, the premiums get very expensive as the years go on and it doesn't cover hazardous sports.

Under life cover or specified illness cover, you can add in hospitalisation benefits too which will pay you if you go to hospital. This is a limited amount of cover.

The way I look at things is; if you are out of work for 4 weeks, you will be able to cope with the drop in salary for a few weeks. But what if you are out for 4 years. What will you do then?

Steven
www.bluewaterfp.ie