Income Protection

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Colm Kelly on the benefits of Income Protection

I found the advice from Cregan Kelly O' Brien first class. They explained in great detail the best type of policy to suit our needs. They guaranteed that they would provide us with the best cover at the best price. I would highly recommend them to anyone and I have already passed on their details to all of my family and friends..

Mark & Marguerite Conway, Dublin

 

Income Protection

 

Your Income is your greatest asset

We don't usually think of our current income and future earnings as an asset. However, this is what pays for everything else - mortgage, bills, children's education, insurances and so on.

Now think about if you no longer had this income, how would you pay for everything? Now think about Income Protection.

Why Protect your Income?

Do you realise that 1 in 6 of Irish workers will be out of work due to sickness or disability for more than 6 months over the course of their working life.

After your mortgage protection plan, income protection is the most crucial type of protection policy in the market and the only product which can secure your income if you are unable to do your own job.

What is Covered?

An Income Protection Plan offers financial security to you if you are unfortunate enough to be out of work due to the following:

  • Any illness
  • Any injury
  • Any accident, or
  • Any disability

Income Protection pays a weekly benefit after a specified period of time usually 8, 13, 26 or 52 weeks. The deferred period is the length of time between when the illness is first diagnosed and when you start receiving an income benefit.

If you cannot work again, the income is payable until your chosen retirement age.

The four main providers of Income Protection are:

  • Friends First
  • Aviva
  • New Ireland
  • Irish Life

Sick Pay Coverage

There is no obligation on your employer to provide sick pay .

In the private sector, 85% of employees would be fully dependant on the state benefit after 6 months of absence.

The public sector offers full pay for 6 months and half pay for 6 months

Social Welfare Benefit

The State Disability benefit pays just €10,285 per year to an individual.

A typical family with one adult working, one adult dependant and 2 children would qualify for just €19,609

If If you are self employed then you are not entitled to any benefit

About Cregan Kelly O'Brien

 

In 2007 Maurice Cregan and Colm Kelly established CK Financial Services to provide independent financial planning and advice to business owners and individuals. Tommy O'Brien, a General Insurance expert, then joined them in 2010, enabling them to meet the full financial needs of their clients. The group has since been renamed Cregan Kelly O'Brien.

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