Income Protection

Income Protection Insurance also known as Permanent Health Insurance (PHI) is a protection policy that provides you with an income if you are unable to work because of any illness, injury or accident. Income protection does not cover redundancy.

Is it the same as Health Insurance, such as that offered by VHI or LAYA?

No. Health insurance is designed to pay your medical expenses if you are ill. Income protection policies are designed to provide you with a replacement Income if you are unable to work due to illness, injury or accident.

What does it cost?

Costs depend mainly on:

• The amount of cover you choose .The maximum benefit is usually 75% of your total yearly earnings less any State benefits or other income protection plans.
• The deferred period, this is the period of time that you must be unable to work for before the benefit payments begin. The deferred periods are usually 13, 26 of 52 weeks.
• The term (length) of the policy.

After that, the main factors are your age, gender, health, family history, job and lifestyle.

As Independent advisors, Gold Seal Financial Services can tailor an income protection policy to suit your own budget.

Is everyone eligible to take out Income Protection?

No. To have income protection insurance you must be in full-time paid work or be self–employed. Some occupations are deemed too high risk by the Insurance companies and may be refused cover.

Do I get tax relief on the Income protection premium?

Yes, Income Protection plans are very tax efficient. You can claim tax relief at your marginal (highest) rate on the premiums.

To get independent financial advice about Income Protection and receive a quote contact Edmund at Gold Seal Financial Services on 087-2203119.