Most people find money for mortgages, rent, and other bills from their employment income. Every year, the number of people who are unable to work due to injuries or sickness rises. If you are unable to go to work for any reasons, you will receive social welfare (up to €200 per week) for two years, but the sad fact is that this will not be enough even for monthly payments. When it becomes difficult to meet living expenses because of health issues, the need for income protection insurance increases.
What is an Income Protection Plan?
Income Protection or Salary Protection is a plan designed to cover up to 75% of salary in case of inability to work due to injury or illness. Its main attraction is that the policyholder will receive a fixed income until he or she returns to work or retires. Income protection policies are now available to those working in almost every sector.
How much is the monthly payment?
The monthly payment of income protection is calculated based on the annual benefit chosen by the customer, the customer’s age, retirement age, etc… For example, a plan that covers only mortgage and rent will cost €30 to €40 a month. However, with a tax relief of up to 40% on this premium, the net premium is just €24.
There are several types of income protection plans available in the Irish market. Saiju Thomas, a Financial Advisor with many years of experience in Ireland, can be contacted to evaluate plans with various insurance providers and pick suitable plans at an appropriate rate.
Income protection policies are now available at 10% discount from Independent Financial Broker Finance Choice. This offer is valid till July 31.
Saiju Thomas
Finance Choice
Mob: 087 929 6890
087 1467602
Email: saiju@financechoice.ie
Web: http://www.financechoice.ie/
Covid-19 Update
The safety and well-being of our customers is our main priority. You can sign your application documents digitally. We’re available over email and phone.
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