Do you want to know what the most important financial product you should have when working?

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This question being posed is an interesting one, what will people generally think of….

  • Life Insurance?
  • Car insurance (obligatory!)
  • Pet Insurance?
  • Mortgage Protection?

The answer is none of the above!  The most important insurance policy you should have in place is the one that can pay for all of the above should you be unable to work due to an accident, illness or injury. This is commonly known as Income Protection, or sometimes is referred to as Permanent Health Insurance or Salary Protection.

The prospect of becoming ill at some point in the future and being unable to work is extremely daunting.  Life can be unpredictable and often throws curve balls at us. The last thing that a person needs in a health crisis is a financial crisis.

If you are working full-time or are self-employed, and you become unable to work Income Protection is something you should consider, especially if you have other people depending on your income. You might not be entitled to sick pay in work, or the benefits you are eligible for may fall short of your salary.

Can you comfortably answer the following questions around long term injury and illness?

  • Will my job pay me indefinitely?… They may for a few months but no longer than a year.
  • Would the social welfare benefit of circa €203 a week be enough to support me and my family with all my existing bills?
  • Do I even qualify for the social welfare sick pay as I am self-employed?
  • Do we have an emergency savings fund and how long will it last?

Income Protection will pay out a monthly payment to you in the event that you cannot work due to an accident, illness or injury.  It replaces up to 75% of your pre-tax salary (less the Social Welfare Illness Benefit if you are entitled to it) for the duration of your absence from work.  Pay-outs are subject to a waiting period known as the ‘Deferred Period’.  A Deferred Period can range from one week to 52 weeks, so if your company provides sick leave for a number of weeks, you can choose a waiting period that kicks in once your sick pay ceases.

Income Protection will continue to pay you until you are fit to return to work, or until the end of your policy date which is agreed with you.

We insure the majority of our assets (house, car, jewellery, laptops & phones) so why not insure your most important asset – your income!  Call us to find out more.