| WHAT IS IT? |
Replacement Income
With Income Protection a monthly premium is paid which is based on occupation and health criteria.
The product covers up to 75% of salary (minus social welfare, where applicable), for the duration of time that the individual is unable to work.
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Key Product Features
It is important to be aware that not all Income Protection Products offer the same level of cover. Differences include:
Maxiumum Benefit
Waiting Time (or Deferred Period)
Ceasing Age
Premium Types
Level of Benefit
Tax Relief
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Am I Eligible?
Income Protection may not be offered for lives assured in certain occupations, or may be offered at an increased premium,
where the lives assured are deemed to have a higher level of risk of having an accident at work.
There are generally no restrictions on the type of injury, illness or disability that are covered.
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| WHO NEEDS IT? |
You May Need Income Protection
If You are self-employed
If You have little or no sick pay from your employer
If You have no ill-health pension protection
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Premiums
Premiums paid on an Income Protection plan qualify for tax relief at your marginal rate (to a maximum of 10% of total salary).
In the event of a claim, you will receive your income benefit net of income tax under PAYE.
Income Protection policies have a fixed age at which payment of the benefit ceases which could be up to retirement age.
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