Income Protection
Individual & Executive Plan Guide
What is income protection?
Income Protection offers you financial security for yourself and
your family if you re unfortunate enough to be out of work because
of an illness or accident and suffer a loss of earnings as a result.
What type of disability is covered?
Your plan will protect your income against:
- Any illness
- Any injury
- Any accident or
- Any disability
resulting in you being unable to work for longer than your deferred
period.
Deferred Period / Waiting Time
The Income Protection plan will provide you with an alternative
source of income. This income is a weekly benefit payable after
a deferred period of either 13, 26 or 52 weeks. The deferred period
is the length of time between when you were last at work due to
the illness and when you start receiving an income benefit.
Taxation
You can claim tax relief at your top rate (to a maximum of 10%
of total salary). You will receive your income benefit net of income
tax under PAYE.
Benefit Level
The maximum benefit allowed on an Income Protection plan is calculated
as 75% of the first €82,000 of your earnings plus 33% of the balance
of your earned income, subject to a maximum of €3,155 per week.
Hospital Cash Benefit
Under the plan, you can receive an income during the deferred period
if you spend more than 7 days in hospital.
Back to top |
