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Have you ever considered what would happen if you got sick or injured and could not work?

Could you run your house on the state benefit (if you qualify that is) and continue to cover all the regular outgoings?

Income protection provides you with a replacement income if you cannot work as a result of an illness or injury.

Best of all you can claim Tax Relief on this product at your own rate of tax! More money in your pocket is always a good thing.

How do I get this set up?

Keeping it simple, contact us and we will do the donkey work, after all, who has time for the boring stuff?

Income Protection v Critical Illness

In Short, Income Protection is the Comprehensive Insurance Policy like you would take out on your car, and Critical Illness is the Third-party fire and theft version. (Thanks to Matt Chapman for the anology)

Income Protection covers you if you are unable to work for an extended period for any illness. (Comprehensive Car Insurance)

Critical Illness pays out a lump sum on SPECIFIED illness, this is important. (Third-party fire and theft)

Now for the boring stuff if you have managed to not fall asleep

  • A guaranteed premium - once accepted, your premium will not rise
  • A discount if you are a non-smoker
  • A waiver on your premium while you are getting your benefit
  • Tax relief on all premiums at 20% or 40%

Benefits of Income Protection

Tax Relief

Income protection pays a taxable income benefit if you are unable to work. The monthly cost of the policy gives you tax relief at your marginal rate.

Reduce the Cost of the Cover

If your job covers your income for long periods, or if you have significant financial resources to support you, you could take a longer deferred period, which would reduce the cost of the cover. Alternatively, you might seek a shorter deferred period, which is available for certain occupations.

Clear idea of the Cost and Availability of Cover.

Some occupations will not be eligible for cover while others will attract higher premiums. You should discuss the nature of your job, particularly any risk factors associated with it, with your Financial Broker so he can give you a clear idea of the cost and availability of cover.

Find the Right Cover for your needs

You can insure up to 75% of your income, less any entitlements to social welfare. Self-employed people and propriety company directors don’t have social welfare entitlements for disability so this cover is essential for them.

David Kelleher Independent Financial Planner will be able to advice on the appropriate level of cover, taking into account your income needs, your benefit entitlements, and the cost and availability of cover.

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