income_protectionINCOME PROTECTION

Have you ever considered how you would maintain your lifestyle in the event of a long term absence from work as a result of illness or injury?

Do you know how long your company will continue to pay you for in the event of a long term absence from work?

We take for granted that a sum of money will land into our bank accounts every month that will in turn disappear off to pay the mortgage, car loan, credit card bill, school or crèche fees, food & utility bills, pension & insurance premiums, holidays, clothing, our social life, and maybe even a little over for some rainy day savings…the list goes on.

Your income is your biggest asset and without it the social welfare benefit – if you are entitled to it – will often fall short of you and your family’s financial requirements.

Why not download our Monthly Expenditure Calculator and see how far your salary goes every month. You’ll see it doesn’t take long to see where it all goes!

Income Protection insurance offers a solution to this eventuality.  If you are unable to work for a prolonged period as a result of illness or injury this benefit will pay out until such time as you can return to work, or you reach retirement age.

Remember:

  • You can insure up to 75% of your income (less the social welfare illness benefit if you are entitled to it)
  • Income Protection is surprisingly affordable.  As little as €1 per day* could go a long way towards making sure that you’d be financially secure if you are ill or injured.
  •  And don’t forget, tax relief at your marginal rate is available on personal premiums – so on a €100 per month premium the net cost to a 41% rate payer will be only €59.

* Based on 30-year-old male, non-smoker providing an insured benefit of E1,500pm (level) to age 65 with a 26 week deferred period, occupational group 1. This assumes that acceptance of cover is given at standard rates. These rates apply as at 17th May 2013 and are subject to change.

Did you know?

  • You have a 1 in 6 chance of being off work for 6 months or longer
  • Almost 50% of illness claims last longer than 5 years
  • Only 15% of private sector employees are entitled to sick pay from their employers for more than 6 months

 

Why not give us a call to discuss your income protection options today or click here for a quick income protection quote

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