Protect your income, protect your lifestyle!
There was a collective sigh of relief last week as the long-awaited January pay cheques landed in accounts all over the country. The mortgage or rent got paid, bills were cleared, and we could begin implementing that New Year resolution to be better with money!!
But what if that pay cheque hadn’t landed? What if you didn’t know when there might be a pay cheque again?
If you become ill or injured and are unable to work, some employers might pay some, or all, of your salary for up to 6 months but most will pay you nothing beyond the first couple of days. If you’re self-employed, you’re completely on your own.
Income Protection cover allows you to insure up to 75% of your income should you be unable to work due to any illness or injury for a prolonged period. It means that your health woes are not further complicated or indeed, exacerbated by financial issues. It will pay you a monthly income until you are either fit enough to return to work or reach your retirement age.
Contrary to popular belief, these policies cover a lot more than one might think. In 2017, 25% of claims were for orthopaedic (back, etc) problems, 21% related to mental health claims and 20% were for cancer sufferers.
Friends First, who paid out over €37.5 million in Income Protection claims in 2017, say that the average duration of a claim is 6.5 years. That’s a long time to be without an income.
As an added incentive, you will receive tax relief on your monthly premiums, so this type of protection is probably more affordable than you think.
Contact us today on 1850 444 474 to speak to an adviser to see how best to protect your most valuable asset; your income.