Personal Income Protection
Your income is your most important asset. Having a regular monthly income provides financial security for you and your family. Personal Income Protection is designed for individuals who do not have access to a Group Income Protection Plan through their workplace or through membership of a union or association. It will protect your earned income and maintain financial security if you are unable to carry out your usual work due to illness, injury, disability or accident.
Income Protection will allow you to protect up to 75% of your salary less the single persons Social Welfare Disability Benefit, where applicable. To provide an incentive to return to work, you cannot protect 100% of your earned income.
The benefit will be paid, subject to providing medical evidence, after a deferred period which can range from 8 weeks to 52 weeks. The benefit in payment will cease when you are deemed fit to return to work, or you reach your normal retirement age as set out on the plan, usually 60 or 65.
Individuals are entitled to apply for tax relief at their current income tax rate on premiums paid for this benefit. The premiums can be guaranteed at the outset of the plan or reviewable. A reviewable plan will review your benefit and premiums at regular intervals and premiums may increase accordingly.