Protect the lifestyle you have worked hard to achieve!


Have you thought about what would happen to your lifestyle if an injury or illness were to prevent you from working and earning an income?
How would you pay for your mortgage, energy bills, personal or car loans, education and the upkeep of your home?
If the worst was to happen, you might think that you could rely on your employer to provide you with an income while you are sick or injured and unable to work. However, research shows that less than 15% of workers in Irish companies would receive sick pay from their employers for more than six months*, while those who are self-employed would receive no sick pay at all.

*Source: Lansdowne Market Research, April 2007

This means that 85% of private sector employees would be fully reliant on the State Illness Benefit if ill or injured. In 2009, this would entitle them to just €10,624 per year for a single person. For those who are self-employed, they are not eligible for even this benefit.

 

Fortunately, there is an answer. It’s called Income Protection, and it ensures that if an illness or injury prevents you from working, then your lifestyle can be protected. It covers you for any illness or injury which prevents you from working. Income Protection is a very straightforward way of ensuring that your most pressing financial commitments are met and offers you complete peace of mind.

With Income Protection you pay a monthly premium which is based on your occupation, your health, your income and the level of financial protection you require. You can protect up to 75% of your income, up to a limit of €175,000 per annum**, less the applicable Social Welfare entitlements. You decide what age you want your policy to finish at, with a choice of ceasing ages available – 55, 60, or 65.

 

** Subject to the following formula: 75% of the first €125,000 of earned income (less BIK’s), plus 33% of the balance, to a maximum of €175,000 p.a., less Social Welfare entitlements.

Source: Friends First


Why not talk to us today about your income protection options?

Nixon Alexander Financial Services Ltd. is regulated by the Central Bank Of Ireland. Member of the Professional Insurance Brokers Association. Directors: Nixon Alexander, Siobhan Alexander. Reg No. 442665

© Copyright 2017 Nixon Alexander Financial Services LTD

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