Income Protection is more affordable than people think.
85%* of the Irish workforce does not have any form of income protection and will be relying on their Employer and the State to continue paying them if they are too ill to work.
If you are out of work due to accident or illness, the current State Illness benefit is only €203 weekly for a single person.(Jan 2020) – this is only payable for up to two years, after which it is assessed.
For most of us this would result in problems in paying our bills.
What is Income Protection?
Income Protection offers you financial security for yourself and your family if you are unfortunate enough to be out of work because of an illness or accident and suffer a loss of earnings as a result. You will receive a weekly benefit until you return to work or until your agreed retirement age.
Tax Relief on premiums: Receive up to 40% tax relief on your monthly premiums
What type of disability is covered?
Your plan will protect your income against:
• Any illness
• Any injury
• Any disability or
• Any accident resulting in you being unable to work for longer than your deferred period.
Deferred Period/Waiting Time
The Income Protection plan will provide you with an alternate source of income. This income is a weekly benefit payable after a deferred period of either 8, 13, 26 or 52 weeks. The deferred period is the length of time between when you were last at work due to the illness and when you start receiving an income benefit.