Income Protection Cover

An Income Protection Plan also known as PHI, is a way to guarantee yourself an income in the event of being unable to return to work due to long-term illness, injury or accident. Without earnings/salary, it may be difficult to afford medical treatment and pay for all the day to day expenses we all take for granted. You and your family’s standard of living would suffer greatly.

It is normal to have an initial “non-benefit” period for each illness occurrence i.e. an initial period of illness during which no benefit is paid – this is called the “deferred period”. The longer the deferred period, the more reasonable the cost of the contract. You can choose a deferred period of 13, 26 or 52 weeks.

Payments continue right up to your chosen “Ceasing age” (normally age 55 – 65) or until you return to work. You can opt to have your benefit increased each year @ 5% to compensate for inflation.

Currently 1 in 6 Irish workers will be out of work due to sickness or disability for more than 6 months over the course of their working life.

Taking into account your age, health, and occupation we search the market to obtain the most cost effective and suitable type of income protection plan to meet your requirements.

The cost of the Income Protection Cover is fully Tax allowable at your highest rate of taxes if you are self employed or in a non-pensionable employment. A company can treat the premium as a business expense. You should regularly review your cover to make sure it continues to meet your needs, as your earnings change so should your Income protection cover.

If you want to be sure that you can continue to enjoy a comfortable standard of living, it is important to protect your income in case an injury or illness prevents you from working.

For information, advice or a quotation please use the contact us form here or email info@ppsdelaney.ie.