Income/Salary protection/PHI is a plan that will provide a regular payment to you if you are out of work as a result of an accident or illness.
An income protection plan can be effected by anyone to alleviate the financial hardship that may arise in the event of being out of work. The cost of this plan can be offset against your marginal rate of tax therefore reducing the cost substantially. Although you may be unable to work, expenses such as your mortgage, ESB, loans, groceries etc still have to be paid. Your income payment will commence after a deferred period of your choice. You decide up to what age you wish to be covered. Payments will continue to be made to you as long as you are unable to return to work or to a maximum age of 70.
The Self-employed or Company Directors are not entitled to any state benefit if unable to work.
So ask yourself this, what would you be entitled to if you were out of work and would it be enough to live on?
For advice, talk to us, your Financial Broker, today.
Life Company Affiliates