Income Protection
What contractual sick pay entitlement do you have with your employment? It could be a lot less than you think!
Income Protection provides you with a replacement income if you suffer from a protracted illness and/or accident. Our income protection services are designed to ensure that you get the best cover at the right price. Get your quote online today.
What is Income Protection?
Income Protection provides you with a replacement income if you are unable to work because of protracted illness and/or injury.
The benefit pays a monthly sum once an initial deferred period has lapsed and continues to do so until you can return to work or until the policy Term is reached (typically, up to the ages of 60 or 65).
How does Income Protection work?
You select the amount of cover you require (based on a maximum of 75% of your annual salary) and the age at which you want the policy to cease (usually 60 or 65). The other important variable to consider is how long you are willing to wait until the policy benefits start – this is referred to as the “deferred period” and can be any period from 4 weeks up until 26 weeks.
The Life Company will assess your application based against your underlying health conditions and your age. This determines the monthly premiums you will be charged. Once you accept the cost (and any special Terms that may be applied to the policy) your policy documents are issued and you are “on cover”.
What level of Income Protection do I need?
You need to consider several factors before selecting the level of cover that is appropriate to meet your personal needs. These include your current annual salary, access to sick pay from your employer (unless you are self-employed) and whether your employment status allows you access to Social Welfare payments.
Our online quote system will help you select the correct level of monthly benefit that you can apply for.
How much does Income Protection cost?
It varies dependant on the exact Terms you request. The monthly premiums are fixed for each month and payable by Direct Debit. You can select to have the monthly premiums increased on the anniversary date of the policy each year to increase the level of benefits to keep pace with the effect of inflation.
Unlike most Protection products, the monthly cost of your policy is allowable for tax relief at your marginal tax rate. In summary, if you are a 40% tax rate earner, your monthly premium is reduced by 40%. If you are a 20% tax rate earner, your monthly premium is reduced by 20%. In essence, a gross monthly premium of €100.00 actually costs €60.00 for as 40% taxpayer and €80.00 for a 20% tax payer.
How do I apply for a Income Protection?
It’s simple. Click the button for a quote. Enter your details and one of our Team will contact you to complete your application. We’re here to help at every stage of the process.
Get Income Protection Quote