Protect your income today!
Have you ever thought how you or your family would cope financially if you were to suffer from an illness or injury and were unable to work? How would the bills, mortgage and day-to day expenses be paid? At Neiland Financial Services we can arrange an Income Protection plan that will ensure your lifestyle doesn’t change even if your ability to do your job does.
An income protection policy pays out a regular cash payment that replaces part of your lost income if you are out of work due to accident, sickness or disability. The cash is paid out as an ongoing taxable regular income for as long as you are not able to work because of the illness. It gives you financial support, so you'll have time to focus on getting back on your feet.
You must be employed for at least 19 hours per week to avail of income protection cover. All premiums are tax deductible, which significantly reduces the cost of this cover. The level of protection available under Income Protection is a maximum of 75% of your income less any Social Welfare entitlements.
Income Protection can be expensive cover but a meeting with one of our Financial Adviser’s can tailor the plan to suit your needs making it more affordable e.g. if you work for a company with a sick pay policy that pays your salary for 6 months we can arrange a plan that only ‘kicks in’ in the 7th month hence bringing down the premium.
Reasons to choose Income Protection
- Employers aren't obliged to pay sick leave and the State Illness Benefit is minimal (€188 a week or €312.80 with an adult dependent)
- Almost 60% of Irish families wouldn't be able to cope if the main income earner died or became ill.
- You are more likely to suffer from a serious illness than to die before the age of 65.
Types of Income Protection
INDIVIDUAL:
Paid by the insured and tax relief is claimed by the insured.
EXECUTIVE:
Paid by an employer for the benefit of an employee. Tax relief is claimed by the employer.
Income Protection Calculator
The calculators on this website based upon calculators built by Irish Life. They are designed to provide guideline indicators for Life Cover and Pension Requirements. It is recommended that you speak with your broker before buying any financial product.
Neiland Financial Services Ltd, Carrig House, Roche's Road, Wexford, Y35 X06K- T: 053 9146592 | F: 053 9152090 | W: www.nfs.ie
Neiland Financial Services Limited T/A Neiland Financial Services, Ace Mortgage Solutions is regulated by the Central Bank of Ireland.
Directors: Kenneth Neiland & Margaret Neiland
Registered information: Company No. 440364 Registered Office: Carrig House, Roche’s Road, Wexford, Y35 X06K
Neiland Financial Services Limited T/A Neiland Financial Services, Ace Mortgage Solutions is regulated by the Central Bank of Ireland.
Directors: Kenneth Neiland & Margaret Neiland
Registered information: Company No. 440364 Registered Office: Carrig House, Roche’s Road, Wexford, Y35 X06K
