Income Protection

Income Protection

Whether you are self employed or an employee your ability to earn an income depends solely on your ability to go to work. If you were unable to go to work as a result of an accident or prolonged ill health what will happen to your income. Who will pay your salary ?? if you are lucky your employer might have an employee benefits scheme, but these are few and far between.
We don’t usually think of our current income and our future earnings as an asset, but this is what pays for everything from Mortgage, day to day living expenses, bills, children’s education etc. if you were unable to go to work do you know how much disability benefit you would receive from your employer or the state ??, and if you are self employed you are more than likely excluded from any social welfare benefits.

How Can I protect my Income?

Thankfully there is a product available called income protection cover. This is a form of sickness and disability insurance that is designed to provide you with your chosen level of income payable in the event of you being unable to work for a prolonged period as a result of sickness or disability. This is a very simple form of cover you just pay a monthly premium based on factors such as your current health, occupation and income required, which will ensure that you receive a regular income payable if you are unfortunate enough to be out of work.
Currently the maximum personal weekly disability social welfare benefit is €196 per week for employees and Nil for the self-employed or company directors.

Income protection for the self-employed:

This is an essential form of protection for any company director or self-employed person as how long would your savings support your day to day living expenses.

Tax relief:

Currently as an individual you can obtain full tax relief at your highest rate on income protection premiums, and if you are a business owner you could arrange this cover and get the company to pay the premiums. This makes this form of protection extremely affordable, why not ask us for a quote.