At PSF we are always looking at products which offer the best value to our clients from mortgage protection, life cover, mortgages, investments and Income protection.
What is Wage Protector?
Wage Protector from Aviva is a unique offering in the Irish income protection market, designed to be a lower cost option to the traditional product. It provides you with a replacement income if you cannot work due to any illness, injury or disability.
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 a replacement income for 24 months if you’re unable to do your own job. This provides 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 after 24 months if you’re unable to return to any work due to significant illness or injury and suffer a loss of earnings as a result. A Functional Assessment Test must be passed to qualify for this cover. This is a simple, easy to understand set of physical and mental ability tests.
How much does Wage Protector cost?
The cost of your plan will be determined by a number of factors such as your age, smoker status, your occupation and the deferred period (initial waiting period) you choose.
Additional Automatic Benefits when your take out an Aviva Wage Protection policy,
With your protection policy you have access to the following services through our Aviva Care benefit:
- Digital GP – This service is a private doctor service offering you and your immediate family access to clinical advice and guidance in non-emergency situations. This service is available to you, your spouse or partner, your children up to age 18.
- Best Doctors Second Medical Opinion
- Family Care Mental Health Support
- Bereavement Support
- Hospital Cash Benefit
- Waiver of Premium,
- Proportionate Benefit
- Relapsed Benefit
Tax Relief on Premiums
Premiums paid are currently eligible for tax relief at the policyholder’s marginal tax rate.
Arrange a call with Kenneth today to discuss this product. I can review all your existing policies and advise you of any potential savings