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Income Protection Price Reduction

What is income Protection?

IP

 

 

 

What is  income Protection?

Income protection insurance replace wages if the policyholder is unable to work due to an illness, injury or disability. 
Income protection cover is designed to provide an alternative income if the customer suffers any illness or injury which prevents them from earning an income of their own. 
Up to 75% of income can be protected.

Price Reduction?

Insurance and investment firm Friends First has reduced the cost of its income protection cover by up to 20pc.
A spokeswoman for Friends First said the latest reduction follows an overall price reduction in 2014, which would make the cost of the cover more affordable.

The cost of life insurance & related products, such as income protection, has been falling in the last few years due to intense competition and a drop in the number of claims.

Who needs Income Protection?

Income protection is a 'must have' product for a large proportion of the working population and should not be deemed a luxury purchase.
Most people think they are entitled to sick pay in the event of being out of work through injury, illness or disability. But the reality is that while some employers do provide sick pay on a voluntary basis, many schemes are for six months or less.
Many people do not consider the shortfall in income if they were to rely on social welfare illness benefits.
For those who are self-employed, social welfare illness benefits is not generally provided at all.
Self-employed people do not get jobseekers benefit, but can get unemployment assistance which is means tested and paid by the Department of Social Protection

Give me a call if you need advice or have any questions;

tel: 074 912 8362 or email: pascal@advicefirst.ie

The above is for information purposes only and does not constitute financial advice in anyway, I recommend that you speck with me before making any financial decisions. I recommend a holistic approach to financial planning and I can help you put your plans in place.

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