If you couldn’t work tomorrow because of an illness or injury, what would you, and your family live on?
Statistically you are far more likely to be out of work sick for a long period of time than to die before you retire.
Could you maintain your standard of living on the State’s Illness Benefit, which is currently just €188 per week?
If you are self employed, you are not entitled to State Illness Benefit at all.
Income Protection protects your greatest asset – your income. It provides you with a replacement income after a certain period of time, if you cannot work as a result of illness or injury. It protects you only in these circumstances, it will not be paid if you become unemployed.
You can take out income protection if you are an employee or self-employed.
Income Protection is a tax efficient way of protecting your income as premiums qualify in full for tax relief at your highest rate of tax paid. So if you’re a high rate tax payer, tax relief should be up to 41% of your premium.
- How does Income Protection work?
- Income Protection for Self-Employed
- Income Protection for Employees
