We all know about the “obliged to have” insurances : mortgage protection, car insurance, home insurance, travel insurance. We also often have other forms of protection including health insurance and pet insurance. But how many people don’t consider protecting the one thing that pays for everything else? Their income. Income Protection is the easiest way to protect it and everything it provides.
It can be easy to take your income for granted. But have a think about what would happen if an illness or injury left you unable to work. How long would you receive payment from your employer? Do you have savings you could use to sustain your lifestyle? If you are entitled to it, State Illness Benefit is currently €232 a week. Would that cover your current outgoings?
In the very simplest terms Income Protection is a type of protection policy designed to protect your income. It provides an alternative income if you are unable to work due to injury or illness. This can give you financial security and peace of mind while you recover.
An income protection plan pays you a replacement income until you return to work or until your chosen retirement date, if you’re not fit to return to work before then. Many of the products available not only offer financial support but also a range of rehabilitation and career change programmes designed to help you get back on your feet.
In a nutshell it is a way of protecting your quality of life. If you’d like to talk to us about how to protect your income, just get in touch.
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