Income Protection

10 February 2021

It makes sense to insure your home, your car, and even your phone, but have you ever considered the most important thing that you should be protecting, your income?

Your income pays for everything: mortgage, food, electricity, heating, education, clothing, hobbies…the list is endless.If an accident or illness prevented you from working, how would you manage? Would your employer continue to pay you indefinitely? You might be lucky enough to have savings which could cover your costs for a number of months or even a few years, if you cut back on all luxuries. But what if your illness or injury meant never working again?

The state illness benefit for an individual is €203 a week and if you are self-employed, you are not entitled to anything! It is easy to think that ‘it won’t happen to me’, but unfortunately that is not the case.

  • One in two people in Ireland will develop cancer during their lifetime. (Source: Marie Keating Foundation, 2021)
  • Each year, approximately 10,000 Irish people have a stroke and an estimated 30,000 people are living in the community with disabilities as a result of a stroke. (Source: Irish Heart Stroke Foundation, June 2021)
  • 82% of stroke survivors were working prior to their stroke but only 41% had resumed some work within six months after their stroke and only 32% were working fulltime one year after their stroke. (Source: Irish Heart Stroke Foundation, June 2021)
  • The most common problems limiting ability to work following a Heart Attack or Stroke are mental fatigue (84%), physical fatigue (78%) and difficulties thinking (78%).(Source: Irish Heart Stroke Foundation, June 2021)
  • With medical advances, people are more likely to survive serious illnesses, but this means that more people are likely to take prolonged periods off work for treatment and recovery.

Yet, there is a way to secure your income, so should you be unlucky enough to suffer an injury or illness and be unable to work for an extended period of time, you have some peace of mind. It’s called Income Protection. It can be used towards paying the bills that your salary previously covered and allows you the time to recuperate and get back to full health should you be unable to work.

After an initial waiting period, it will pay a weekly income of up to 75% of your salary, until you are either able to return to work or retire, whichever comes first. Monthly premiums qualify for tax relief at your marginal rate of income tax which will make the costs even more affordable.

Don’t let your lifestyle or your ability to look after your family disappear. Protect them today with an Income Protection Plan for your peace of mind and their future.

Lisa Doherty BBS QFA RPA is a Qualified Financial Advisor and Retirement Planning Advisor. You can contact her through John F. Loughrey Financial Services by telephone on 074 9124002 or e-mail on

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