Individual Income Protection –
Individual Income Protection is designed for the self-employed or for those whose employer doesn’t provide this type of cover. The maximum amount of salary that you can protect is 75% less than the current State Disability benefit. There is no state disability for the self-employed.
Please Note: The calculator and all of the illustrative figures are provided by Friends First and are estimates only. It has been designed to provide guideline indicators on your protection requirements. It is recommended that you speak to your broker before buying any financial product.
An income protection policy provides you with an income if you suffer and illness or injurer that prevents you from working and as a result you have no other sources of income except for social welfare payments.
An income protection policy can replace up to 75% of your usual income (less any social welfare payments which you are entitled to) when you are off work due to illness or injury. There is an initial waiting period after an illness or injury before any benefit will be paid. This is usually 4, 8, 13, 26 or 52 weeks. The waiting period is chosen by you. The shorter the waiting period, the higher the premium you pay.
Executive Income Protection –
This plan is taken out by an Employer on behalf of an Employee. Contributions to an Executive Income Protection Plan can qualify for tax relief as a deductible business expense. This plan does not attract tax or BIK for the employee so it is seen as very attractive incentive.