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Income Protection

Most people insure their home and their car but far fewer choose to insure their most valuable asset - their income.  If you are unable to earn an income due to illness or disability, all your other financial plans may well collapse.  If you are a PAYE employee, you may qualify for the State Disability Pension, but this is less that €200 per week.  If you are self-employed you don't even qualify for the State Disability Pension.   

Income Protection provides you with an income in the event of your being unable to work due to illness or disability after a specified waiting period, known as the "Deferred Period".  Typically, the deferred period is 13, 26 or 52 weeks.  If, for example, your employer will continue to pay you for six months of sick-leave, the appropriate deferred period would be 26 weeks.  In the event of a long-term illness or disability, a claim will continue to be paid right up until the chosen expiry date of your policy, often chosen to coincide with your anticipated retirement age.    

Income Protection is sometimes confused with Mortgage Repayment Protection cover, which is typically sold in conjunction with a mortgage.  Income Protection differs from Mortgage Repayment Protection in four fundamental ways.  (1) Mortgage Repayment Protection covers you for a maximum of 12 months, so the longest claim you can receive is 12 months, after which the claim will end.  Income Protection covers you up to your chosen expiry age, e.g. age 60.  So an Income Protection claim could continue for many years - as long as you were unable to work, right up to age 60 if necessary.  (2) Premiums on Mortgage Repayment Protection don't qualify for tax relief.  Premiums on Income Protection qualify for tax relief at your highest rate, so if you pay tax at 41%, you will receive tax relief of 41% of your Income Protection premium.  (3) A claim on a Mortgage Repayment Protection policy typically commences after 4 weeks.  A claim on an Income Protection policy typically starts after 13 weeks.  (4) Income Protection does not cover for redundancy.  Mortgage Repayment Protection typically does, for PAYE employees.  In order to make a redundancy claim you must be made involuntarily redundant and must be unable to find any work for each month of your claim, up to a maximum of twelve months.    


We are not tied to any one Income Protection provider but can obtian quotes from all of them.  If you would like a quotation for Income Protection, please click on the link below and complete the form on the next page.  We will prepare a quote for you.  Please note that this is not an automatic response system - quotes will be prepared by our staff before being sent to you. 


Click here to request an Income Protection quote.  



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