Have you ever thought about the implications of being unable to carry out your normal occupation as a result of accident or illness – all those monthly commitments and no source of income? Permanent Health Insurance (PHI) is an occupation based protection product that offers you financial security for yourself and your family if you are unfortunate enough to be out of work because of an illness, a disability, an injury or as a result of an accident. 

PHI will provide you with an alternate source of income. The maximum benefit available is up to 75% of your gross earnings and this income is payable after a deferred period of 4, 8, 13, 26 or 52 weeks. The deferred period is the length of time between when an illness is first diagnosed and when you start receiving an income benefit. 

The cost of this protection will vary depending on age, occupation and level of benefit selected. In general, there are four classes where an office worker may be categorised under Class 1 while a builder may be categorised under Class 4. The class reflects the level of risk associated with your occupation and the premium levels reflect this accordingly.

If you are Self-Employed did you know you are not entitled to any Social Welfare Benefit!   Protecting your income is of vital importance!

An additional benefit of Income Protection cover is that tax relief is available at your marginal rate on premiums paid up to a maximum of 10% of your gross earnings.  This is in addition to any tax relief that you may obtain in relation to pension contributions.  Recent claims experience suggests that this is an essential part of your financial protection plan, especially for those who are self employed.

When choosing Income Protection, you have two options:

• Individual Income Protection – available to those who are self-employed or PAYE individuals
• Executive Income Protection – taken out by an employer on behalf of his/her employees

There are only four Insurers currently in the market place that provide this cover and we would be delighted to provide you with a personalised illustration – just contact us with your details.