Protection for What Matters Most
We all count on our income. Paying bills and buying our weekly shopping is part of most of our lives. What have you got in place, should your income suddenly stop?
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.
What are the Key Benefits of Income Protection?
The experts at yourbroker.ie have listed the most important benefits of income protection insurance below:
- 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.
If you would like to know more see contact details below or visit YourBroker.ie/income-protection-ireland where they have detailed important frequently asked questions.
January 2025 UPDATE
Your Broker recently added an insightful article on YourBroker.ie that provides a comprehensive guide on income protection insurance. Click here to read YourBroker’s ‘Income Protection Insurance guide‘ and you’ll gain valuable insights into how income protection insurance can safeguard your livelihood and ensure the continuity of your business. Don’t wait until it’s too late—take proactive steps to protect yourself and your business today.
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