Income Protection – What if I get ill?
th May 2018 |
If you’re self-employed, no matter whether you’re a sole trader or a limited company director, you work long hours and spend lot’s of time dedicated to developing your business, but what if you fall ill, or have a serious accident, where will your income come from? You get nothing form the state!
On the other hand, if like most people you’re an employee, unless you think the state disability benefit, currently amounting to just €10,296 per year would support you?
Here we are talking about protecting your income, if you couldn’t work due to an illness, or a serious accident keeping you out of your job and from your pay check hitting your bank account.
Fact is, most of us will have a longer working life than our parents and the chances of becoming ill are unfortunately higher than you may think!
- Men have a one in four chance of becoming seriously ill before the age of 65.
- For women, that figure is one in five.
Source: Irish Life Research – 2017
- The average age of a serious illness claim in Ireland is age 47.
Source: Royal London Research – 2017
How it works?
Income Protection provides you with a regular income of up to 75% of your normal salary and is paid to you, if you are out of work due to an illness or injury.
The payment commences once you have been off work for a certain length of time, known as the “deferred period”. The payment then continues, until you have recovered and are fit to return to work, or until your chosen retirement age.
A Big Plus
A big plus is that the cost of Income Protection Insurance is tax deductible so say for example you are on the 40% tax bracket, if the premium to protect your salary was €60.00 per month, the real cost to your pocket would be just: €36.00 per month.
Income Protection – Instant Market Comparison Quote Calculator
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