Can I get financial protection if I look after the home?

   08 Jul 2019

Working to keep a household running is hard work! We wanted to look at the ways you can protect yourself financially if you aren't bringing in an income.

We know that taking care of a home is a hard job, and one of the questions we get asked is what sort of financial protection those who work as homemakers or caretakers can get. It may sound odd to ask about income protection when you’re not bringing in an outside income, but the value of your work shouldn’t be discounted! In many cases, the financial burden of losing that person looking after the home can be significant in the added cost of childcare, home care workers, etc, and there are ways to mitigate this if you become unable to look after your home in the same way as you were, due to illness or injury. 

In most cases, we would suggest that you take Serious Illness coverage to help ease any financial problems that may come up due to your inability to work. This pays out a lump sum amount on covered illnesses or injuries, and can make sure that you are able to get the help you need while you recover. 

One of the companies we work with does offer income protection for home workers or caretakers, offering up to €15,000 per year if you become unable to perform basic tasks that would be required. This may be a good option for some, though it does have some limitations in what level of illness or injury is covered. However, as with any income protection policy, the coverage does last for the duration of the illness or until retirement age. 

We know it can be daunting to consider the prospect, but do rest assured that there are options to make sure that your family is protected, whether you work in the home or out of it. As always, our Qualified Financial Advisers are happy to have a chat with you to assess what options for financial protection and planning are right for you and your family.