Protecting your income protects a lot more
What is Income Protection?
Your income is probably your most important asset. It funds your whole lifestyle from what’s in your fridge to where you go on holidays. Your children depend on it from birth, right through to college and often beyond.
Why do you need it?
An Income Protection plan pays you a monthly income if you are unable to work due to any illness, accident or injury. You can ensure you continue to meet your monthly mortgage repayments and household bills and maintain your current standard of living. It will continue to pay you an income until you are well enough to return to work, or if not, until your retirement age.
- What would happen if your income suddenly stopped because of ill health?
- How long would your employer pay you if you were on prolonged sick leave?
- How would you and your family cope financially after that?
Did you know?
Many employers don’t provide any form of sick pay and of those that do, many will only pay you for six months.
If you are self employed you are not entitled to the State Illness Benefit if you are unable to work due to illness.
Why New Ireland?
Benefits of Income Protection from New Ireland include:
- It can protect up to 75% of your earned income to age 65
- It can pay out after 8, 13, 26, or 52 weeks following an illness or injury, you choose
- The cost of your cover will never increase during the term of your plan (unless you choose to index it or apply to increase your cover)
- Up to certain limits, tax relief is available on your premiums at your marginal rate of tax. This can reduce the cost of your cover by up to 40%*
- It pays out a daily amount on hospital stays of 7 days or more to a maximum of 90 days
- Confirmed Income Option, if selected, means that if your income falls during the term, we will pay based on your original income amount
- You can also have cover in place if you become unemployed, take a career break or parental leave under our Essential Activities Benefit
Income Protection is more competitive than you may think – the younger you start the less it will cost. And remember your premiums should be eligible for tax relief at your marginal rate of tax.*
You can’t predict the future but you can plan for it
While we all hope and often believe it won’t happen to us, the reality is that people throughout Ireland are affected by unexpected illness and premature death every day. In the 6 years from January 2010 to December 2015, we have paid out over €591 million in protection claims to families impacted by ill health, serious illness and unexpected death.
Click here to view a summary of claims paid out in 2015 alone.
For a further look at the benefits of having an income protection plan in place read our Life Choice – Financial Protection Overview (Summary). For a more detailed look at Income Protection read our Income Protection Brochure. For a more detailed look at other cover available read our Life Choice – Financial Protection Brochure. Alternatively, you can contact a Financial Advisor.
*It is important to note that tax relief is not automatically granted, you must apply to and satisfy the Revenue requirements. Revenue limits, terms and conditions apply. Income Protection benefits are subject to tax.
Terms and conditions apply. Benefits are subject to underwriting and acceptance by New Ireland Assurance Company plc. It is important to understand that certain restrictions and exclusions may apply.