Income Replacement & Protection
Permanent Health Insurance (PHI)This plan is designed to insure your income right up to retirement age. You can insure 75% of your gross salary less any benefits from the Dept of Social Welfare and you can have the benefit deferred for 13 weeks, 26 weeks or 52 weeks. The cost is tax allowable at your highest rate of tax.
How does it work? Example: Salary €60,000 p.a., Social Welfare benefit: €10,624 this means a drop of €49376 per annum- quite a drop! How will you pay your bills never mind maintain your lifestyle? Next to Life Assurance, Income Protection is the most essential cover to have. Low or no income equals poverty!
This product needs to be reviewed regularly to make sure that you are only paying for what you are likely to get, and if necessary to be adjusted according to income, as payment will only be made on production of a P60 or Revenue returns if self employed. This, above all products, needs to be reviewed every year.
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