What is the most important insurance to you? Here’s my take on this question.

 
 
 
 
 
 
There are 100’s of different types of insurances – life, car, house, serious illness, pet, phone, health, the list is huge!
 
For me, the most important insurance of them all is Income Protection and here’s why.
 
If you are sick and unable to work to earn an income, how will you pay your bills?
 
Your mortgage or rent, food, holidays and even your children’s education are at risk if you don’t have an income to pay for them.
 
If you get sick or injured and you are unable to work, you better have a “Plan B”. You may be able to manage for a few months on savings or even money borrowed. But what happens when the well runs dry?
 
Income protection provides you with that “Plan B” if you suffer from an illness, disability or injury that prevents you from working.
If your doctor signs you off as unfit to work (for physical or mental health reasons) the policy kicks in.
 
As soon as your 'deferral' period is completed, it will pay you a monthly income right up to retirement if you are unable to work. You can claim multiple times and there are no premium increases.
 
In fact, while you are out of work on a claim, the income protection provider will actually pay your premiums for you!!
 
The Irish Taxman believes so strongly in the importance of income protection that they will give you a tax break if you take out a policy.
 
This means that if you are a higher rate income tax earner, the Taxman will pay 40% of your premiums (40% Tax Relief).
 
If you are a standard rate tax-payer, the Taxman will pay 20% of your premiums (20% Tax Relief).
 
 

 
If you have worked in Ireland for less than 5 years:
 
Income Protection is even more important to those that have moved to Ireland in recent years.
 
The State Social Welfare Invalidity payment is only available to people who have worked and paid PRSI contributions in Ireland for at least 5 years.
 
And even if you have worked in Ireland for more than 5 years, is €208 a week (€10,816 per annum) really enough to maintain your lifestyle and pay your bills?
 
 

 
What’s the next step?
 
If you would like to know more about Income Protection, please contact me on the details below or Private Message me on Facebook. I look forward to helping in any way possible going forward.
 
 
Kind Regards,
Danny Coad QFA
Irish Insurance
Tel: 0862422441
Tel: 00353862422441 (If contacting from abroad)
This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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