This type of cover offers you financial security for yourself and your family against a loss of earnings as a result of any illness, injury, disability or accident resulting in you being unable to work for longer than your deferred period. This plan will provide you with a weekly income after a deferred period (Chosen by you either 13, 26 or 52 weeks). You will also receive tax relief on all premiums you pay (max 10% of your total salary) at your marginal rate of tax.
Do you realise that 1 in 6 of Irish workers will be out of work due to sickness or disability for more than 6 months over the course of their working life? (Source : Friends First)
- There is no obligation on your employer to provide sick pay.
- In the private sector, 85% of employees would be fully dependant on state benefit after 6 months of absence.
- The public sector offers full pay for 6 months and half pay for 6 months.
- The Illness benefit pays just €10,623.60 per year to an individual (subject to means test).
- A typical family with one adult working, one adult dependant and 2 children would qualify for just €20,378 per anum.
- If you are self employed you are not entitled to any benefit.
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