Protect your income today!
Have you ever thought how you or your family would cope financially if you were to suffer from an illness or injury and were unable to work? How would the bills, mortgage and day-to day expenses be paid? At Neiland Financial Services we can arrange an Income Protection plan that will ensure your lifestyle doesn’t change even if your ability to do your job does.
An income protection policy pays out a regular cash payment that replaces part of your lost income if you are out of work due to accident, sickness or disability. The cash is paid out as an ongoing taxable regular income for as long as you are not able to work because of the illness. It gives you financial support, so you’ll have time to focus on getting back on your feet.
You must be employed for at least 16 hours per week to avail of income protection cover. All premiums are tax deductible, which significantly reduces the cost of this cover. The level of protection available under Income Protection is a maximum of 75% of your income less any Social Welfare entitlements.
Income Protection can be expensive cover but a meeting with one of our Financial Adviser’s can tailor the plan to suit your needs making it more affordable e.g. if you work for a company with a sick pay policy that pays your salary for 6 months we can arrange a plan that only ‘kicks in’ in the 7th month, hence bringing down the premium.
Reasons to choose Income Protection
Employers aren’t obliged to pay sick leave and the State Illness Benefit is minimal (€203 a week or €337.70 with an adult dependent)
Almost 60% of Irish families wouldn’t be able to cope if the main income earner died or became ill.
You are more likely to suffer from a serious illness than to die before the age of 65.