For all legal practitioners, income protection insurance is hugely important, especially for self-employed legal professionals such as Barristers and Solicitors, who don’t even qualify for State Disability Benefits, but also for those employed in the private sector or in government legal careers.
Legal Practitioners Income Protection
As a regulated financial broker, we provide the legal professional with the most comprehensive and cost-effective Income Protection plans on the Irish market. In fact, even before applying your 40% premium tax-relief, we uniquely deliver the following:
- We deliver the leading provider policy.
- We price match the cheapest insurer on the market.
- We further discount the price-matched premium.
Income Protection Insurance
Income Protection Insurance allows you to protect up to 75% of your normal income, on an ongoing basis right up to retirement age. So, if you have a serious accident or fall sufficiently ill that you can’t work, cover can kick in and continue, right up to retirement age or earlier on recovery.
How Income Protection Insurance Works
You pay a monthly premium to the insurance company, the cost of which will depend on your salary level, your chosen claim deferred period, and your occupation.
Although Income Protection has 4 occupation risk classes, most legal occupations will fall under risk class 1, meaning no added risk premium.
Risk Class 1 – Legal Occupations
- Barrister
- Judge
- Solicitor
- Legal Secretary
- Stenographer
Getting an Income Protection Quote
Before you can get an income protection quote, you need to provide your occupation and confirm the cover term, you require e.g. to age 55, 60, or 65. The deferred period, meaning when the claim should commence, and finally, whether you want to inflation protect your benefits.
Income Protection Tax Treatment
As Income Protection insurance is designed to replace up to 75% of your usual income, the benefit is paid in the same way as your normal salary and is taxed under PAYE. The cost of providing yourself with this insurance is therefore eligible for full income tax relief.
To claim the income tax relief against your gross monthly premium, you will receive a tax certificate with your policy document, to allow you to adjust your tax credits.
Legal Professionals Income Protection – Why choose OneQuote.ie?
- We are financial brokers who fully compare the market, delivering full-term discounts on the best market plans.
- You can choose to automatically index your benefits and premiums.
- We offer you the opportunity to increase your original benefit by up to 20% every 3 years without requiring you to supply further medical evidence.
- A daily replacement income is paid if you are in hospital for more than seven days during your deferred period.
- Your Income Protection will continue to cover you if you change jobs, regardless of what your new job entails.
- We will immediately restart your benefit if you have a relapse within six months of returning to work – there will be no waiting period in this case.
- You will not have to pay your premiums while you are receiving an income benefit. During this time, your plan continues as normal, so that if you do return to work and at some stage in the future need to claim again, your plan remains unchanged.
- If you decide to work abroad, your coverage can continue as long as you keep paying your premiums. You can get coverage for working within the EU, Switzerland, USA, Canada, Australia, New Zealand, and South Africa.
Legal Income Protection – What to do Next?
If you are concerned about protecting your income, then get a quote by phone by calling 01 845 0049, or request a call-back.
Ken O’Gorman – QFA, SIA, CB – Protection Specialist
OneQuote.ie
