How would I survive without my income?
If you are an employed or self employed person you might be interested to know that neither your employer nor the state has any contractual obligation to provide an income or replace your income for you if you are not able to work. Being unable to work due to any accidental injury or illness is an insurable risk and you should insure your income.
9 out of 10 Irish workers go unprotected and don’t have this kind of Income Protection in place! That is whether they are self employed or not!
Self employed individuals have no social welfare entitlements when they are out of work caused by illness or accidental injury. They are basically entitled to a contributory old age pension by way of lower PRSI contributions. So they and their families are particularly vulnerable when their income disappears.
Income protection attracts tax relief on the cost of proving the cover. 9 out of 10 workers don’t have the cover so they are not maximizing their tax relief. They are paying more tax than they should be.
Currently banks are under pressure to ensure that their loans are paid by their customers. Do you think they’ll have any mercy on a family or an individual who cannot pay their commitments if their income is lost? I don’t think so!
Check out the cost of Income Protection Cover here. If you have cover already you can also check your premium cost against the best rate now available. Effecting Income protection cover and ensuring you have the correct cover in place for you needs to be discussed with an insurance professional.
Don’t wait for your employer to provide this for you, they won’t nor will the Government. Act now, take a few minutes to check out the Income Protection page.Get a cheaper Life Insurance quote now! or call Kieran@theinsurancedoctor.ie