Can you afford not to protect your income? If you get sick or injured and cannot work – how will you pay your mortgage, the bills, the medical costs etc?
Income Protection Insurance or Permanent Health Insurance as it is also known aims to provide a replacement of salary following accident or illness. The policy will continue to pay a benefit from the date of incident up to your normal Retirement Date.
This policy is a necessity for any Self-employed person who may not receive any illness benefit from the State.
Income protection is cheaper than you think as you will receive tax relief on the cost, which will reduce the premium by 40% (or 20% if you are on the lower tax bracket).