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)
ASK YOURSELF
- 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.
AFFORDABLE COVER
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 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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