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Income Protection

by | Jun 30, 2017 | AHEAD OF THE CURVE |

A Colleague of mine recently stated that one’s most valuable asset is themselves. Whilst I agree with this I would take it a step further.

I think that your most valuable asset is your income and your capacity to earn an income.

We automatically insure our car, our house and our family against the unexpected. But what about your income?  What if you were to suffer an accident or long term illness that prevented you from earning a living? After all your income pays for everything, your mortgage, medical insurance, utility bills, food, children’s education, loan repayments, car, holidays, savings, etc…

Unfortunately, just because you can’t work, your financial commitments and your monthly bills don’t just disappear.

Some Statistics:

  • 1 in 3 people in Ireland will develop cancer during their lifetime.
  • An estimated 30,000 people are living in our community with disabilities as a result of a stroke.

Income protection provides you with an alternative income if you suffer an illness or injury, which prevents you from working. It helps take care of your financial needs while you are focusing on recovery at a time when money worries should be the last thing on your mind. It can replace up to 75% of your usual income less any social welfare entitlements (if applicable), when you’re off work due to illness or injury.

Some questions you need to know the answers to are:

  • What cover do you have through work?
  • What are your State Benefit Entitlements if I get sick or incapacitated?
  • How much cover do I need?

An emergency fund will only go so far!!!!!

These are all the questions we will help you to answer at Metis Ireland.  We will help make this part of your overall Financial Plan.  Why not contact me or any of the Metis Ireland Team on 061-518365.

 

John Hogan

Financial Adviser

Disclaimer

Metis Ireland Financial Planning Ltd t/a Metis Ireland is regulated by the Central Bank of Ireland.

All content provided in these blog posts is intended for information purposes only and should not be interpreted as financial advice. You should always engage the services of a fully qualified independent financial adviser before entering any financial contract. Metis Ireland Financial Planning Ltd t/a Metis Ireland will not be held responsible for any actions taken as a result of reading these blog posts