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FAQs
What is income protection?
It is a private policy that ensures that you have a replacement income if you are unable to work due to a medical condition.
How does income protection work?
Income protection insurance provides a regular income if you are unable to work due to a long-term illness, injury, or disability. It works by replacing a portion of your lost earnings, typically up to 75%, after you have met a waiting period. You pay a premium while you are healthy, and the payments stop when you return to work or the policy term ends.
What does the income protection policy cover?
Any medical conditions that keep you from performing your job.
Why do I need income protection?
If you are a PAYE employee, your entitlement from social welfare amounts to only€12,688 per annum. However, if you are self-employed, you are entitled to nothing at all.
Is there tax relief?
Yes, at the marginal rate of tax that you pay, so at 40% for higher rate taxpayers.