What is Income Protection?

Your Income is your biggest asset, it’s more important than your car, your home, your savings. Income Protection provides you with a payment if you are unable to work due to illness,injury or accident.The payment kicks in after a specified period in which you choose at the outset ( this is usually 4,8,13,26 or 52 weeks) depending on your own circumstances. The majority of the payments will continue paying you until you return to work, retire, reach the end of the plan or die. These details depend on the options you decide when you are setting up the plan. Income Protection can give you up to 75% of your Income (up to a max of € 262,500 less any social welfare payments)

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Frequently Asked Questions

This is the length of time you have to be out of work before your payment is paid to you. The shorter the term, the dearer the premium. You can choose from 4,8,13,26 or 52 week deferral period.
You can make a claim on Income Protection if any illness, injury, accident prevents you from working. You can make a claim on Specified Illness if you are diagnosed with an illness named on your policy.
Income Protection gives you a regular income until you return to work or until the plan ends while Specified Illness gives you a once off Lump Sum payment.
You can claim tax relief on Income Protection, while there is no tax relief on specified illness premium plans.
Income Protection lets you make as many claims on your plan as you need. Specified Illness allows for one claim.
You will need to include your income protection tax certificate with your annual tax return.
You will receive the Certificate when you take out your policy. Alternatively, you can ask your employer to deduct the tax relief directly from your pay by what is known as the net pay arrangement. Your local PAYE office can give you more details.
You can make as many claims on your Income Protection as you need until your policy ends.

Still need Help?

 gearoid@cleerelife.ie
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