What is Income Protection ?
Your income is probably your most important asset. It funds your whole lifestyle from what’s in your fridge to where you go on holidays. Your children depend on it from birth, right through to college and often beyond.
Why do you need it?
- Income Insurance, also known as income protection provides you with a replacement income if you cannot work as a result of an illness or injury after a certain period of time
- You can take out income insurance if you are in full-time work or are self-employed and earn an income.
- The maximum benefit payable is now €250,000, previously this was €150,000. Benefits paid are less any State benefits or other income protection plans.
- The maximum benefits payable is 75% of total yearly earnings, less any State benefits or other income protection plans.
- It protects you only in these circumstances – it will not be paid if you become unemployed. You must keep up your payments to stay on cover.
- It can pay out after 8, 13, 26, or 52 weeks following an illness or injury, you choose
Up to certain limits, tax relief is available on your premiums at your marginal rate of tax. This can reduce the cost of your cover by up to 40%*