Life is unpredictable.
The average income protection claimant in Ireland is just 42.
Don’t discount your earning potential, a salary of €30,000 per annum over 30 years adds up to €900,000.
What is income protection?
Income Protection pays a regular replacement of income in the event you are declared medically unable to continue your regular employment due to any illness or injury.
The benefit is payable until your retirement age or you are medically cleared to return to work.
Most common ailments claimed under income protection are back injury and stress/mental illness. The average claimaint is out of work for 6 years.
income protection premiums are eligible for tax relief
Revenue allow you to claim tax relief at your marginal rate (up to 40%) on income protection premiums.
If you are paying for income protection, be sure to notify Revenue.
Employers offering income protection as an employee benefit are also eligible to receive tax relief.
Additional queries? ☎ (021) 4521328 or Email Us
Up to 75% of your regular salary protected until retirement.
Some opt to insure just a portion of their salary, e.g. just the mortgage payment.
Additional queries? ☎ (021) 4521328 or Email Us
You choose your “deferral period” from 4 weeks to 52 weeks.
The deferral period is the time you must be out of work before your monthly benefit is paid.