Minding your income

[Squaremile]

I am often asked by clients what the most important financial product anyone can have is. I reply by asking them to consider how long they could cope without an income……

Most of us take the time to protect and insure our homes, health, mobile phones and even our pets………….yet do you have a policy that protects your income????

Here is all you need to know when looking at income protection: 1. There are four companies in Ireland that offer the opportunity to protect up to 75% of your salary in the event of ill-health or disability.

2. Premiums are eligible for tax relief at your marginal rate

3. The policy is designed to provide you with a monthly income to replace your salary.

4. Premiums depend on age, occupation, length of cover and the deferred period (the time between your sick pay ending and your policy starting to pay out).

5. You can tailor premiums to suit affordability.

Any existing policyholders should review their policy immediately as there have been substantial improvements in prices and benefits on offer. For example, the EU Gender Directive introduced in December 2012 reduced premiums for females by c.14%.

I am more than happy to talk to anyone looking to set up or find out more on income protection.

You can call on 087 287 5256
Andy….

[Author]

Posts