Risk Management:

Income Protection

For the vast majority of people our income is our most important asset. Most people don’t think of their income as an asset, despite the fact that it directly affects how we live and how we pay for everything. An important question we need to ask ourselves is – what would the effect of being without income, or suffering a dramatic drop in income for a significant period of time, have on our lifestyle and that of our family? The State Disability Allowance is currently a maximum of €188 per week. Many people are not even entitled to this, particularly self-employed individuals or company directors.

Income protection provides the policy holder with a replacement income if they are unable to work due to an accident, injury or illness. Income Protection can ensure that their lifestyle doesn’t have to change significantly if illness or injury strikes. It can be used to pay bills and living expenses until the policy holder is able to return to work, or if not, until their retirement age. Protection of up to 75% of income is possible. Tax relief is available on premiums which reduces the real cost of providing such important protection to individuals. Premium amounts can be paid either by individuals or by their employers.