Blackhall Court, Blackhall, Mullingar, Co. Westmeath
Tel: 044 93 90073 - Fax: 044 93 45901
Email: info@blackhall.ie

 

PROTECT AGAINST ACCIDENT OR ILLNESS 

What is Income Protection?
Income Protection is a type of insurance that pays you a regular income if you can no longer work due to an injury or illness. Its aim is to replace 75% of your earned income once any state benefits are taken into account so you can still maintain a reasonable lifestyle. If you are in employment or you are self-employed and earn an income, you can take advantage of an Income Protection plan. The benefit payout is based on your salary/income and can be used to cover everyday expenses including mortgage payments. The Maximum you can protect is 75% of you income/salary.

The Aim
- Peace of mind
- To protect your Home and your Family
- To provide you with a replacement income if you cannot work

Why get it?
Statistics show that a 30-year-old person is more likely to be off work due to illness or injury for a long period than to die before they reach the age of 65. If you had to give up work due to illness or injury, you would still have to pay your regular bills, such as mortgage and loan repayments and household expenses. However, you would also have the extra financial burden of extra medical costs, so the total amount of your bills could increase.

With this in mind, could you maintain a reasonable standard of living while you were out of work? If the answer is no, you need income protection.  You can claim income tax relief on your payments to this plan at your marginal rate of tax.

How much do I pay?
- Your premium will depend on the following factors
- How much cover you need based on your current earnings
- The deferred period you want (either 4, 8, 13, 26 or 52 weeks)
- How long you need the benefit to be paid for, and how long you want the cover for