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Income Protection

Income protection is a TAX EFFICENT policy which provides a plan holder with a regular income, which is paid out if they cannot work due to an illness or injury. It is a form of disability or sickness insurance that can alleviate financial worries, and help to maintain a comfortable standard of living should the plan owner no longer be able to earn an income.

How Income Protection Works

After a deferred period you will receive the income protection benefit to replace some of the earned income lost while you are out of work.

With Irish Life you can insure up to 75% of the first €80,000 per year of earnings and 50% pf the remaining income up a maximum insured benefit of €150,000.

What will the Government give me?

If you are self employed the Government don’t give you an income if you are unable to work due to an illness or injury. This can be a scary situation for the self employed.
If you are employed and qualify you will receive a disability benefit of approx. €134.80 per week. Will you survive on this? Hardly.

How Much Income Protection Should I Have

Here at Horizon Financial, we will assess our client’s individual financial needs, and once we have a detailed overview of our client’s financial circumstances we will then offer analysed advice on how much income protection that our clients should have in place.

Example 1

Self Employed 35 year old solicitor, Non Smoker, Earning €75,000 per annum. How much income protection can he have and how much will it cost him?

Answer:
He can get cover for 75% of his income which is €56,250 per annum, at a cost of:
Monthly direct debit of €64.87
However, he can get tax relief of €26.60 per month
Therefore, for this level of cover it is merely cost him €38.27 per month or €8.83 per week.
Do you think it is worth this solicitor’s time and money getting this protection for himself.

Example 2
27 year old receptionist (smoker) working for a company earning €28,000 per annum. How much income protection can she get and how much will it cost her?

Answer:
She can get cover for 75% of her income less state benefits which equates to €13,990 in this situation, which will cost her:
Monthly Direct Debit €28.37
However, she can get tax relief of €5.67 per month
Therefore, for this level of cover it is merely costing €22.70 per month or €5.24 per week.
This is a small price to pay for peace of mind.

Please complete the following sections and we will contact you within 24 hours with a quotation.
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Personal Details

Name: (required)

Phone: (required)

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Address:

Information required to provide quotation

Date Of Birth *

Sex *
Male Female

Smoker Non Smoker

Salary *

Income Tax Rate *
20% 41%

Deferred Period *
13 26 62

Occupation * example, solicitor, doctor, carpenter

Employment Status *
Self Employed Co Director Employed