An Income Worth Protecting

An accident or serious illness, stress or burnout, there are many reasons for not being able to work for a while. According to the 2022 census nearly 190,000 Irish residents were unable to work due to permanent sickness or disability [1] and unfortunately, many people who fall ill can no longer pay their regular household costs and experience financial difficulties.

What is income protection?

We understand that income protection is not something people want to think about. It is only natural to want to shy away from thinking of scenarios in which you get sick or disabled. 

What you might not realise is that you are more likely to need to claim off an income protection policy than any other term policy. It is there not only to protect the important things, but to make sure you can continue to enjoy the lifestyle you are used to.

Many of us are aware of the risk to our salary through redundancy. But most people who lose their job through redundancy reset and find something new, so perhaps their finances are only thrown off kilter for a short-period.

But what happens in scenarios where you get sick or disabled? This can have far more wide-reaching consequences; an illness might not be short-term and could have the effect of putting your entire financial future in jeopardy. That is why we believe that income protection is so important. It is an insurance policy for your finances, and it protects your financial future should you be unable to work due to illness or disability. It is there not only to protect the important things, but also to make sure that you can continue to enjoy the lifestyle you are used to today and one to look forward to in the future.

Why income protection is important for the self- employed

Close to 332,000 Irish workers are self-employed [2]. This group is extremely diverse and can be found in every corner of the economy. Self-employed workers work in construction, in healthcare, practice law, run pubs, and local shops. The number has been growing steadily and has become a significant force in the Irish economy.

Lifelong employees are no longer the norm. Whereas many highly skilled workers used to have the security of a permanent contract, fixed-term contracts are on the rise as new generations of workers enter the workforce. Research by McKinsey shows that 72% of millennials would like to eventually become self-employed [3] and now that Zoomers (also known as Generation Z) are entering the workforce the landscape is due to change again. Zoomers are digital natives that learnt to work from home at an early age given the experience that Covid had on them while they were still in school.

Supporting you and your family

Finally, income protection supports you, so you can keep supporting yourself and your family. No two people are the same, nor are their protection needs. Contact richard@quigley.ie today to avail of a quotation to protect your income.

Sources:

1 Central Statistics Office, Survey on Income and Living Conditions (SILC) 2022

2 Central Statistics Office, 2023

3 McKinsey Global Institute, “Independent work: Choice, Necessity, and the Gig Economy”, 2016

Reach out today

Contact us today and book your consultation https://www.quigley.ie/book-consultation and see how Quigley Financial Brokers can help you choose the best options available or contact richard@quigley.ie for further information.