Insurance
Between insuring homes, cars, and lives it’s easy to overlook how important it is to protect your income.
There’s always a chance that injury or ill health could keep you out of work for a lengthy period of time, perhaps even permanently. And having a policy that steps in and replaces your salary may be the only way to ensure household finances don’t feel the squeeze.
Currently, when an employer’s sickness benefit runs out, you may only be then entitled to a social welfare payment. If you are self-employed, you are not entitled to any State illness benefit at all.
In contrast, income protection cover will top up any welfare payments to provide you with up to 75% of your usual income, guaranteed until your retirement date if need be.
Use the calculator below to get an idea of how much protection will cost you. Bear in mind that you can claim tax relief on the premiums, and the longer you defer the start of payments — from 13 weeks to a year after your injury or onset of illness — the cheaper the policy becomes.
If your income helps to run a household then life assurance is a small expense that could ward off a major money crisis should the worst unexpectedly happen to you.
For as little as the price of a sandwich each week, the policy will pay out a tax-free lump sum on your death, providing some measure of financial security to the family and dependents you leave behind.
To ensure you get the right level of protection without paying over the odds, Prendergast Maguire Financial Services Ltd will match your needs with life cover that typically falls into one of two types:
Use the calculator below to get an idea of how much your life should be insured for, over fixed periods of between two and 40 years.
