When we consider taking any insurance, it is usually to protect something we believe to be valuable to us, for example, our home, car, item of jewelry, etc. But what about our income? After all, it pays for everything!Some questions to help you decide if you need Income Protection:
How valuable is your income to you and your family?
How would you and your dependents cope financially if you were to suffer an accident or illness and were unable to earn an income?
Would social welfare entitlements be enough to cover your monthly expenses in the event you are unable to earn an income, and if so for how long?
The premium pays you a regular taxable income up to a maximum of 75% of your earned income. This ensures you can continue to meet the financial commitments you have.
Premiums qualify for tax relief of 20% or 40% depending on your marginal tax rate. It makes premiums more affordable, but remember the claim will be taxable.