Who’ll pay the mortgage / rent and bills if we cant work?
Most, if not all of us rely on a regular income to pay the bills, its vital. Vital too are our mobile phones. If we lose or break our phone, we’re out seeking the replacement within hours. Hundreds of thousands of people in Ireland have protection for their phone, to make sure replacing it doesn’t cost a fortune.
When it comes to our Incomes however, we’re not as quick to protect this vital asset. Without it, lots of things could stop, including payment of that vital mobile phone package!!
Unexpected Events
If you were out of work due to a disability or injury as a result of an accident or a prolonged illness, how would you pay the rent / mortgage, childcare, bills etc?
Social Welfare may cover some costs, if you’re entitled to this (self employed people aren’t for example), but you’re likely to still see a significant gap in your income. Will your employer continue to pay you if you’re off for a prolonged period of time?
Continuing Costs Regardless
While some supports may be available to you, consider whether your household could cover all the potential costs of the future without your income. Here are just a couple of examples, but you’ll know lots, lots more:
Mortgage / Rental Costs
Car replacements, house maintenance, childcare costs
Additional costs as a result of your disability / illness
Income protection cover is a Tax efficient product, in that you receive tax relief at your marginal rate of tax on the premiums you pay. So Income protection may not be as expensive as you think it is.
Income Protection
Income Protection cover may result in regular payments up to 75% of your income (including state benefits) in the event that the insured person becomes unable to work due to disability, injury or illness.
Tax relief at your higher rate of tax is available on the cost of income protection making this a very attractive safety net, particularly for the self employed.
There are some rules that can govern how long you need to be off work before payments kick in, and how long payments will last, but these can be tailored to your needs.
Specified Illness Protection
Specified Illness protection pays a tax-free lump sum to the person who stands to benefit from the policy in the event of the insured person(s) being diagnosed with one of a range of illnesses. Most commonly these cover Heart Attack, Cancer or Stroke, but some products cover 44 + illnesses such as Alzheimer’s disease, loss of limbs and Parkinson’s disease, to name just a few.
Specified Illness Cover is commonly combined with Life Assurance, as its cheaper than having two separate policies, and it provides that extra reassurance if the worst was to happen and the illness was terminal.
Start the Conversation
Whatever your financial need, take the first step by arranging a quick chat with one of our experienced advisors.
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