Reach out today
Contact us today and book your consultation and see how Quigley Financial Brokers can help you choose the best options available or contact richard@quigley.ie for further information.
Supporting you, so you can keep supporting your family...
If you are too ill or injured to work, you will still need money to pay the bills, as well as for the things that are important to you and your family.
Income Protection gives you money each month until you’re well enough to
work again. It’ll give you the breathing space you need to focus on getting better.
Choose the cover that’s right for you
Monthly benefit - Choose a monthly income of up to 75% of your salary less any State benefits.
Deferred period - Choose how long you will wait before your monthly income kicks in – you can choose from 1, 2, 3, 6 or 12 months. The longer the deferred period, the lower the premium.
Choose how long your cover lasts - Anytime from age 55, right up to age 70.
Level or increasing cover - You can choose whether your income stays level or keeps up with the rising cost of living.
Tax efficient plans to suit you
1. Personal Income Protection - with Tax Relief
This is suitable for self-employed clients or if in a job that doesn’t provide an income protection plan. You will pay the premiums and can get tax relief at your marginal rate on the premiums you pay. Claiming tax relief is really important as it reduces the cost by the rate you pay tax at - so either 20% or 40%. If you need to claim, your income protection benefit will be paid directly to you, after tax and USC.
2. Executive Income Protection
This is designed for employers who want to provide an income protection plan for employees. The premiums are paid for by the employer and qualify as business expenses that can be offset against corporation tax. The employer can also elect to have pension contributions covered under this plan. If the employee needs to claim, the income benefit will be paid to the employer, who passes it onto the employee through salary, making any relevant deductions such as tax and USC.
You can also cover employer pension contributions with Executive Income Protection.
To ensure that employer pension contributions are maintained while an employee is off sick, you can cover up to 100% of the employer pension contribution with Executive Income Protection. You can cover up to 35% of the employee’s salary to a maximum of €50,000.
Income Protection at a glance
Waiver of premium: If you are in receipt of a claim, the provider pays your premiums.
Dedicated claims specialist: The provider helps you every step of the way.
Relapse benefit: If you get the same illness again within 6 months, the provider will pay your monthly income straight away.
Hospital Cash Benefit: Daily replacement income if you are in hospital for more than 7 days during the deferred period. But rather than just pay you from day eight onwards, the provider will backdate the payments so that you are also paid for the first seven days you’ve spent in hospital.
Increasing cover: Boost your cover when something big happens like becoming a parent or getting a pay rise without giving the provider new evidence of your health.