Don Murphy: 087 6595 111
Christy Santry: 087 6364 555

Income Protection

Income protection pays an income benefit if you are unable to work because of any accident or illness. You can insure up to 75% of your income, less any social welfare benefits .

Self-employed people and proprietary company directors don't have social welfare entitlements for disability, as a result this cover is essential for them. Tax relief is available on the premium at marginal rate.

The key question with this cover is when should the benefit start? The "deferred period" is usually 13 weeks. This means you must be off work for more than 13 weeks before benefits start. After that time you are covered up to retirement should your illness or disability persist.

If your employment 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.

We will be able to advise you on the appropriate level of cover, taking into account your income needs, your benefit entitlements, and the cost and availability of cover. You may wish to take a combination of serious illness cover and income protection to cover lump sum and income needs.