We don’t usually think of our current income and future earnings as an asset. However, this is what pays for everything else - mortgage, bills, children’s education, insurance and so on.  The question we need to ask ourselves is if you no longer had your income, how could you afford the basic essentials of daily life, let alone the little luxuries?

Income Protection cover is designed to protect your income in the event of you being unable to work due to sickness, accident or injury.

Protection of up to 75% of your income is possible. Tax relief is available at the relevant rate on premiums. Premiums can either be paid by individuals or by their employers.

Cover is available on an individual policy basis or may be included as part of a pension arrangement. The cost is based on the level of cover required and occupation type.

Sick Pay – did you know that:

• Employers are not obliged to provide sick pay
• 85% of private sector employees are fully dependent on the State Benefit after 6 months of absence
• Public sector employees receive full pay for 6 months and half-pay for the next 6 months

Social Welfare Benefit – did you know that:

• Individuals receive just €10,286 per year with the State Disability Benefit
• The average family (one adult working, one adult and two child dependants) qualify for just €19,610
• Self-employed individuals are not entitled to any benefit