Protecting your income protects a lot more
WHAT IS INCOME PROTECTION?
Your income is probably your most important asset. It funds your whole lifestyle from what’s in your fridge to where you go on holidays. Your children depend on it from birth, right through to college and often beyond.
WHY DO YOU NEED IT?
An Income Protection plan pays you a monthly income if you are unable to work due to any illness, accident or injury. You can ensure you continue to meet your monthly mortgage repayments and household bills and maintain your current standard of living. It will continue to pay you an income until you are well enough to return to work, or if not, until your retirement age.
Income Protection can protect up to 75% of your earned income up to age 65.
The cost of the cover will never increase during the term of your plan (unless you chose to index it or apply to increase your cover)
- What would happen if your income suddenly stopped because of ill health?
- How long would your employer pay you if you were on prolonged sick leave?
- How would you and your family cope financially after that?
DID YOU KNOW?
Many employers don’t provide any form of sick pay and of those that do, many will only pay you for six months.
If you are self-employed you are not entitled to the State Illness Benefit if you are unable to work due to illness.
Income Protection is more competitive than you may think – the younger you start the less it will cost. And remember your premiums should be eligible for tax relief at your marginal rate of tax.
If you would like to talk about this or need any other financial advice, please call Michael on
086 8440541 or email email@example.com to arrange an appointment.
Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland