What is Income Protection?
Income Protection pays you a regular income if you can no longer work due to illness or injury. It aims to replace some of your earned income once any state benefits are taken into account
Can I apply for Income Protection?If you are in full time employment or self-employed with an income you can apply for income protection.
Depending on your occupation you may qualify to apply for income protection. Click here to see if you qualify.
Is Income Protection suitable for me?
This cover is suitable for you if:
- You are aged 18 to 54, in full time employment or self-employed.
- You want to protect some of your income until the age of 65 if you cannot work due to illness or injury.
- You want a product that will pay you a regular income if you cannot work due to accident or injury.
- You want to take advantage of potentially tax-relievable premiums.
How much Income Protection can I take out?
In general the most amount of income protection you can have at any one time is either €250,000 or 75% of your total yearly earnings less any state benefits for disability.
A recent client example to show you how it works:
After assessing my client’s insurance needs, and identifying Income Protection as a suitable product for him, I recommended he take out cover to protect his income.
He could protect 75% of his annual income less his state entitlement benefit:
Annual Income €56,500
State entitlement €9,776*
Amount to protect €32,599
*Current state entitlement for a single male (May 2014)
Jonathan McDonnell, Qualified Financial Advisor is committed to providing excellent customer service to you at all times from the moment you apply for cover, throughout the time you hold your cover.