It makes sense to
insure your home, your car and your family against the unexpected.
But what about your income?
What if you were to
suffer an accident or long-term illness that prevented you from earning a
living?
·
Would
your employer pay you?
·
And if
so, for how long?
Even if you are
entitled to State benefits, you could still suffer a huge drop in
income.
Income Protection is
designed to provide you with an alternative income if you suffer an illness or
injury, which prevents you from working.
It’s different from
Health insurance – it's insurance for daily living.
You may also be
entitled to claim Tax Relief on some or all of the premiums that you
pay.
When illness or
injury leave you unable to work you need the financial security of a product
that keeps you on top of the bills that matter … mortgage payments, car loans,
food bills, rent and more.
After all, your income
pays for everything. Income protection
helps take care of your financial needs while you are focusing on recovery at a
time when money worries should be the last thing on your mind.
‘I'm
healthy - It won’t happen to me’
It is easy to think that ‘it won’t happen to
me’, but below we highlight a number of statistics that you may find
surprising. Illness or injury can happen
at any time!
•
One in
three people in Ireland will develop cancer during their lifetime.
Source:
Irish Cancer Society, Central Statistics Office, June 2013
•
An
estimated 30,000 people are living in the community with disabilities as a
result of a stroke
•
While
life cover pays out after you die, Specified Illness and Income Protection
cover pay you while you are living. You
need the benefit of financial assistance at these difficult times, which is why
they are often referred to as living benefits.
•
With
medical advances, people are more likely to survive serious illnesses but this
means that more people are likely to take prolonged periods off work for
treatment and recovery. This could have
a huge impact on their ability to earn.
•
Even for
those who have savings in the bank, a long term illness or period of time out
of work could mean real financial hardship without a plan to replace earnings.
In a survey of
Friends First claimants, all of them ranked Income Protection as the most
important type of insurance to have over any other.
If you would
like to talk about this or need any other financial advice,
please call
Michael on 086 8440541 or email info@mkfinancial.ie to arrange an appointment.
Michael Keville T/A MK Financial is regulated by the Central
Bank of Ireland
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