Your biggest financial risk is being financially exposed if you are unable to work because of an accident or illness before your retirement age
Without the right protection in place, the financial impact can be devastating
We rely on our income to fund our lifestyle such as mortgage/rent, food, clothing, utility bills, car, holidays, children’s education, loan repayments, pension contributions etc
Your income is like your money machine! You would be surprised at how quickly your hard earned savings would erode
How long would €50,000 last?
Based on monthly outgoings
Recent Claimant Statistics show
The Average Claim lasts 6.5 years
That’s a long time to be without an income
In a 2017 report by Friends First, it’s figures for Income Protection Claims were as follows:
- The average age of the claimant was 48 years old
- 56% of claimants were under 50 years old
- 41% were male
- 59% were female
When it comes to sick pay, what someone will receive will vary greatly between firms and if you are self employed, you may receive no income!
Income Protection is designed to protect your income throughout your working life. Put simply – Income Protection means you can continue to pay your household bills and maintain the lifestyle you have worked so hard for if you are unable to work due to illness or an accident
You can protect up to 75% of your earnings less any social welfare payments you may be entitled to. The benefit becomes payable after your chosen deferred period (usually between 4 and 52 weeks) and is paid UP to your retirement age OR until you can return to work. The premiums for Income Protection policies attract tax relief at your marginal rate.
Below is a short video on Income Protection, press play to watch:
If you would like to learn more about Income Protection, I would be delighted to send you on further information, please click on Request a Callback or Contact us at the top of this page, or click here
Thanks for reading,