Income Protection

An income protection policy is a simple, TAX EFFICIENT plan that provides you with an alternate source of income if you are unfortunate enough to be out of work because of an of ANY illness, ANY injury or ANY accident.

If you were unable to carry out your normal occupation for a prolonged period due to an illness or injury, could you continue to meet your financial commitments? Who would pay your mortgage repayments, maintain your personal loans, your medical bills or even your children's school expenses?

 

 

What is Income Protection?
Your income is probably your most important asset.  It funds your whole lifestyle from what’s in your fridge to where you go on holidays. Your children depend on it from birth, right through to college and often beyond.

Why do I need it?
An Income Protection plan pays you a monthly income if you are unable to work due to any illness, any accident or any injury.  It will continue to pay you an income until you are well enough to return to work, or if not, until your retirement age.  

Ask yourself
How long would your employer pay you if you were on prolonged sick leave?
How would you cope financially after that?
Did you know, if you are self employed you are not entitled to the State Illness Benefit if you are unable to work due to illness?  

Income Protection gives you great cover:

It protects up to 75% of your earned income to age 70.
It can pay out after 8, 13, 26, or 52 weeks following an illness or injury.
The cost of your cover will never increase during the term of your plan (unless you choose to index it).
Tax relief is available on your premiums at your marginal rate of tax.
It pays out a daily amount on hospital stays of 7 days or more to a maximum of 90 days.

Income Protection is more competitive than you may think – the younger you start the less it will cost.  And remember your premiums are eligible for tax relief at your marginal rate of tax.

You can't predict the future but you can plan for it.


While we all hope and often believe it won't happen to us, the reality is that families throughout Ireland are affected by these events every day. For a further look at the benefits of having an income protection plan in place please contact us.

Click here for a short video from Friends First to explains how it works 

A guide to Income Protection