What is Income Protection?
Income protection is a type of life insurance which pays you a monthly income if you are unable to work due to illness, accident or injury. It replaces lost income and will be paid until you are fit to return to work, and if not, it will be paid until you reach your retirement age. This money can be used to cover costs required to pay bills, mortgage repayments, and additional day to day expenses you might incur due to medical treatment.
With Income Protection, you pay a premium every month.
Why do you need Income Protection Insurance?
Income Protection ensures that you continue to meet your monthly repayments and allows you to maintain your current standard of living. Many employers don’t provide any form of sick pay and in the cases of those that do, some will only pay you for six months. If you are self employed then you are not entitled to the State Illness Benefit if you are unable to work due to illness.
We hope it won’t happen to us, but unfortunately, throughout Ireland, people are affected by unexpected illnesses and premature death every day.
Arranging Your Income Protection
It is important to review your policy details when it comes to Income Protection Insurance and to review the criteria to see if you are eligible. Income Protection is more competitive than you may think, and if you take out a policy when you are younger, the less it will cost. Also, your premiums should be eligible for tax relief at your marginal rate of tax.*
Contact Robin Murray or Tony O’Sullivan on 021 4905000 or email info@eracork.ie and see how we can help you.