Income Protection Cover
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.
Why Protect your Income?
Sick Pay Cover
- 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.
Social Welfare Benefit
- The Illness benefit pays just €10,556 per year to an individual (subject to means test).