Try and protection that lifestyle with an income protection policy. An income protection policy is a simple, TAX EFFICIENT & inexpensive plan that provides you with an alternate source of income if you are unfortunate enough to be out of work because of an illness and suffer a loss of earnings as a result of ANY disability, ANY injury or ANY accident.
If you were unable to carry out your normal occupation for a prolonged period due to an illness or injury, could you continue to meet your commitments? Who would pay your mortgage repayments, maintain your personal loans, your medical bills or even your children's school expenses? For the best insurance quote and cheapest insurance quote 0n the market give us a call today.
- If you are out of work due to accident or illness, the current State Illness benefit is €204.30 weekly for a single person and €339.90 for a person with an adult dependant. (June 2009)
- If you are self-employed, you will have no income to maintain your standard of living if you are unable to work long term
- If you are employed, you should consider that most companies would only pay you for a set number of weeks once you become ill.
- More than 8 out of every 10 Irish workers say they could not maintain their current lifestyle on this level of State benefit.
- Less than 3 in 10 workers say they currently have any form of Income Protection plan. However, 1 in every 2 self employed people have a plan – hardly surprising given the fact there is no automatic state disability benefit for the self-employed.
- Only 1 in 3 people are aware of that you can claim tax relief at your marginal rate on the cost of your Income Protection cover – this is surprising; normally news of bargains spreads fast!
- There is a deferred period of typically 13 weeks which means that no payment will be made by the insurer until week 14.
- The individual can claim Income Tax relief on income protection premiums, up to an annual limit of 10% of income
The monthly cost of income protection is dictated by the applicants age, gender, occupation and medical history.
Fill out our online enquiry form with any questions you have, and one of our consultants will reply.