What is Income Protection ?
Income Protection also known as Salary Protection or PHI, pays you a regular income when you are not able to work through accident or illness and suffer a loss or reduction in income. It helps protect your standard of living when you are not able to work. By having this cover in place you can concentrate on getting better and use the regular income to help make your mortgage repayments or any other bills that you have.
- Income Protection Provides cover for periods of Long Absense from work due to accident or illness
- Pays a taxable income benefit until retirement age if you are unable to work.
- Allows you to stay on top on top of bills & maintain your current standard of living.
- Self-employed individuals can insure up to 75% of their income.
- Employed Individuals can insure up to 75% (less any Social Welfare entitlement).
- Tax relief at your marginal rate.
- It provides you with a replacement income if you can’t work because of illness or injury.
- Self-employed individu&s can insure up to 75% of their income.
- Employed Individuals can insure up to 75% (less any Social Welfare entitlement).
- It includes a range of benefits to help you prepare for a different career if unable to return to your former
profession. - It allows you cover your regular expenses and protect your family’s lifestyle.
Taking out Income Protection is a very important personal decision. If you are either an individual or a family
person, often the inability to earn income can have huge negative consequences for both.
Income Protection is a cost-effective way of maintaining lifestyle and ensuring family members have
financial stability during a time of illness or recovery from an injury.
Key Questions to ask yourself to see if you require income protection are:
- Can I continue to meet all my financial obligations if I have no income due to an accident or illness?
- What other resources do I have if my income suddenly stopped because of ill health/injury?
- How long would does my employer pay me if I miss work due to prolonged sick leave?
- How would you and your family cope financially if there was no monthly/annual income being earned?
Income Levels
Self-employed individuals can insure up to 75% of their income.
Employed Individuals, You can insure up to 75% (less any Social Welfare entitlement)
Deferred Periods
It can pay out after 8, 13, 26, or 52 weeks following an illness or injury, you choose.
Retirement Age
Choose a retirement age that suits your personal circumstances.
Guaranteed or Reviewable Premiums
Choose either a guaranteed premium or a reviewable premium for the term of your policy.
Tax Relief
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%.
Additional Benefits
In certain circumstances you can even have cover in place if you become unemployed, take a career break or
parental leave. Other Free benefits vary depending on the Provider.