Income Protection


How much is your income worth over your working life? Income Protection is more affordable than people think.

 

Here are the facts
• 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 €204.30 weekly for a single person.(June 2009) – this is only payable for up to two years, after which it is assessed.



• 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.



• 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



• If you are self-employed, you will have no income to maintain your standard of living if you are unable to work long term, as you have no entitlement to state benefit




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 41% 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.




 


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