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What is Income Protection?
Income Protection is a policy which pays a percentage of your income if you are unable to carry out your own occupation due to an accident, an illness or disability. You are paid once you are out of work for a pre-selected waiting period. This waiting period is chosen at the outset and can be any of the following:
· 4 weeks
· 8 weeks
· 13 weeks
· 26 weeks
· 52 weeks
The benefit is payable until you are fit to return to work or until the age of expiry. The age of expiry is also selected by you at the outset and can be any age from 55 up to 70.
Max Benefit:
The maximum benefit you can claim is 75% of your income from all sources including the social welfare benefit and sick pay from your employer
Tax Relief:
You can claim tax relief, at your marginal rate, on the cost of the benefit.
In the event of a claim, the benefit is a gross payment, which is subject to tax etc.
How Much Does it Cost?
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