Income Protection Insurance
Income Protection Insurance can provide for both you and your family. There are many ways we use our income; it pays our bills and daily livings expenses that allow you to lead your lifestyle. If your income suddenly stopped it would drastically change your lifestyle.
Income Protection is a highly tax efficient means of protecting your income in the event of long-term injury or illness which leaves you unable to work. If you are either in full-time employment or self employed and earn an income you can take out an income protection plan and potentially receive tax relief of up to 40% off the regular premium.
Deferred Period
Income Protection is designed to provide you with a replacement income if you are unable to work on a medium to long-term basis due to illness or injury. It will pay out after a predetermined time period as chosen at the outset which can be either 4, 8, 13, 26 or 52 weeks – the longer the deferred period, the lower the premium.
Typically the deferred period chosen will dovetail with your sick pay entitlements (if any) where applicable e.g., if your sick pay entitlements cover you for three months then you might choose a deferred period of 13 weeks.
Income protection can replace up to 75% of your income if you are off work long-term due to illness or injury. The insurance will continue to pay a regular income up to age seventy or until you are well enough to return to work.
The cost of your income protection policy will depend on your age, income, health, occupation and the level of benefits chosen. At Yourbroker we will search the Irish market to provide you with the best possible income protection plan at the best possible premium.
Key Benefits
Pays you a regular income replacing up to 75% of your earned income.
Premiums on your plan can qualify for tax relief of up to 40%.
Cover available up to age seventy.
Premium waiver- you will not pay for your cover while in receipt of benefit.
Premiums can be fixed.
Indexation available to protect against inflation.
Non-smoker discount.
Income Protection Insurance FAQ
Income Protection Insurance: A Complete Guide
Have you ever wondered what would happen if you suddenly could not work due to illness or injury? We have recently added a complete guide to Income protection where we explore everything you need to know about income protection insurance, from how it works to choosing the right policy for your needs.
