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 firstname.lastname@example.org to arrange an appointment.
Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland