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.
Who is Wage Protector suitable for?
Wage Protector is suitable for those that require a lower cost income protection option as it is designed to provide cover for a lower premium. It may be a more affordable type of income protection cover for those that working in occupations that are deemed higher risk.
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, Best Doctors Second Medical Opinion, Aviva Family Care Benefit, 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.
If you would like to find out more about Aviva Wage Protector or the wide range of financial services we can offer, give us a shout today on 064 66 37393. We’ll be delighted to hear from you.
All the best,
The Team at Gallivan Financial