Income Protection – What if?

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If you’re self-employed, no matter whether you’re a sole trader or a limited company director, you work long hours and spend lots 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 from 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 €11,440 per year would support you?

Here we are talking about protecting your income, if you can’t work due to an illness, or a serious accident keeping you out of your job and from your paycheck hitting your bank account.

The 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!

The Stats
  • 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 for example, if you are on the 40% tax bracket and the premium to protect your salary is €60.00 per month, the real cost to your pocket would be just: €36.00 per month.

Income Protection – Instant Market Comparison Quote Calculator

Click quote to get an instant Income Protection discounted quote, using our market comparison quote calculator, or call a One Quote adviser on: 01 845 0049.

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