INCOME PROTECTION

Income Protection plans are designed to provide you with replacement regular income if you were unable to work due to illness, injury, disability or accident.

If an accident or illness prevented you from working, how long could you cope financially?

How would you pay these normal household bills without an income?

Many employers don’t provide sick pay and those who do provide it, usually only do so for 6 months. After that you would be reliant on the State Illness Benefit which is just €198 per week (www.welfare.ie).

If you are Self Employed, you are Not entitled to Anything! A self employed person will have to rely totally on investments and savings if they were unable to work due to sickness or accident.

Under an Income Protection plan, your chosen income payments will commence after a deferred period of your choice and payments will continue until you are well enough to return to work or until your chosen retirement age.

EXAMPLE INCOME PROTECTION PAYMENTS

Gross Monthly Premium €30 €50 €70
Net Monthly Premium €18 €30 €42
Age 30 €1,323 €2,501 €3,580
Age 40 €825 €1,452 €2,078
Age 50 €613 €1,078 €1,544

*Assumptions: Occupational Class 1, Tax Relief at 40%, Deferred Period 26 weeks, Up to age 65

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Please Note: The calculator and all of the illustrative figures are provided by Friends First and are estimates only. It has been designed to provide guideline indicators on your pension requirements. It is recommended that you speak to your broker before buying any financial product.”