Protect Your Income, Secure Your Future
Peace of Mind When You Need It Most
Income protection provides a safety net if you’re unable to work due to illness or injury, helping to secure your financial future when life takes unexpected turns. Whether you’re employed or self-employed, income protection ensures that your essential expenses are covered, allowing you to focus on recovery.
What We Offer
Financial stability matters most during difficult times. Our income protection policies are designed to give you peace of mind by providing regular income if you’re unable to work due to health issues. We’ll guide you through selecting the right policy with a suitable deferred period, helping you tailor a plan that fits your needs and budget.
Employees
Income protection is essential for employees who may not have long-term sick pay benefits. Our plans offer reassurance that your financial obligations, like mortgage payments or day-to-day living expenses, will be met if you’re unable to work.
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Self-Employed
With no employer-provided sick leave, self-employed individuals face unique risks. We specialise in creating income protection solutions that provide a stable income even when unforeseen health issues prevent you from working.
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If you have dependents
For anyone supporting family members, income protection offers financial security for loved ones, ensuring they’re cared for in case of illness or disability
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Financial Peace of Mind
Income protection is for anyone who wants the reassurance of a steady income in times of illness. Even the healthiest individuals can face unexpected health challenges, and our policies offer a proactive approach to managing these risks.
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Key Benefits of Income Protection
Income protection is more than a financial product; it’s a safeguard that allows you to focus on recovery without added financial stress. Our policies are built to meet your specific needs, offering:
Regular income until you’re able to return to work or retire
Deferred period options to lower premiums and fit your budget
Comprehensive support and advice from our expert team throughout the claim process
Our planners will help you understand waiting periods, deferred periods, and other policy details to make sure you’re fully prepared for any eventuality.
How Income Protection Works
Income protection policies provide a financial safety net but require careful planning to ensure they’re effective when needed.
Assessing Eligibility
We’ll help you understand if income protection is right for you based on your work status and financial needs.
Selecting Coverage Level
Based on your financial commitments, we help set an income level that will cover your essential expenses while you’re unable to work.
Filing a Claim
Should you need to make a claim, our team is here to provide full support, ensuring you understand every step and receive your payments as smoothly as possible.
Setting the Deferred Period
You choose a deferred period, which is the waiting time before payments start. Options range from four weeks to two years; the longer the period, the lower the premium.
Book an Income Protection Consultation
Case Study
Barry is an architect. He’s self-employed and runs a business with 11 staff. He’s married to Susan, and they have three children under the age of 12. Barry’s thought process is “Why would I need income protection when Susan’s salary will continue to come into the household and surely I can draw a salary from the business for the period that I’m unable to work?”
In this scenario you can replace “Barry” with yourself, “Architect” with whatever trade or profession you work in and “Susan” with your own spouse or partner but you’re still going to have to deal with the potentially catastrophic consequences of not having an income but being unable to work for a significant or indeed permanent amount of time.
Income protection is there to make sure that in this scenario Barry’s inability to go to work isn’t causing stress in the family home because of the pressure on Susan’s salary to make ends meet. It’s also not causing pressure on the business because Barry was a significant driver of revenue to the business and his incapacity to be able to work means that the business is making less money than it was and, therefore doesn’t have the sufficient cash flows to be able to continue to pay a Barry for a significant period of time. Then there’s also the issue of appointing a long term successor to Barry to run the business on a day-to-day basis should Barry be permanently unable to return to work.
This is why you need income protection. It takes a significant chunk of risk off the table should you find yourself in this situation and as a business owner that’s all we’re looking for. Income protection is fully tax deductible which makes it very cost effective, but the benefit is the Peace of Mind of knowing that your medical problem won’t become a financial problem for your family and your business.
FAQ’s
What is income protection?
Income protection is an insurance policy that provides you with a regular income if you’re unable to work due to illness or injury. It helps cover essential expenses, ensuring financial stability while you focus on recovery.
How does income protection work?
Income protection works by providing regular payments when you’re unable to work due to health issues. The process involves:
- Selecting a deferred period (waiting time before payments start, ranging from 4 weeks to 1 year)
- Assessing your eligibility based on work status and financial needs
- Setting an income level that covers your essential expenses
- Making a claim when needed, with full support from our expert team throughout the process
What does income protection cover?
Income protection covers your regular income if you’re unable to work due to illness or injury. It helps cover essential expenses like mortgage payments and day-to-day living costs, providing financial stability during periods of illness or disability.
How much income protection do i need?
The amount of coverage you need depends on your financial commitments, lifestyle, and existing sick pay arrangements. Typically, policies cover up to 75% of your income, ensuring that you can maintain your standard of living during periods when you cannot work.
How much does income protection cost?
The cost of income protection depends on factors such as your age, occupation, health, coverage amount, and the chosen deferred period. Opting for a longer deferred period can lower premiums. Additionally, income protection premiums are tax-deductible, making them more cost-effective.
Do i need income protection insurance?
If you rely on your income to cover essential expenses, income protection is highly recommended. It is particularly important for self-employed individuals who do not receive sick pay, employees without long-term sick benefits, and those with financial dependents.
How long does income protection pay for?
Income protection payments continue until you are fit to return to work, reach retirement age, or until the end of the policy’s term – whichever comes first. Some policies also have a limited benefit period, such as two or five years.
Do you pay tax on income protection?
In Ireland, income protection premiums are tax-deductible, reducing the overall cost of coverage. However, any benefits received from an income protection claim are subject to income tax, as they are considered a replacement for lost earnings.
