Insurance :Types

Question 1

PRSI

Answer 1

(Pay Related Social Insurance) to be paid by both the employer and employee

Household- Employees pay PRSI from their gross pay and is used by the government to pay for items such as jobseekers’ allowance and state pensions

Business- Employers pay PRSI on behalf of their employees. It’s known as employer’s PRSI

Question 1

Health Insurance

Answer 1

Protects individuals and households from hospital costs and day to day medical care.
Insurers: VHI Healthcare/ Laya Healthcare

Question 2

Mortgage protection

Answer 2

Protects individuals and households from the costs of mortgage repayments if the insured is unable to meet their payments. E.g from illness

Often an obligatory part of the mortgage contract