If You Cant Work

Who’ll pay the mortgage / rent and bills if we cant work?

It’s critical for most of us to have a steady income to pay our bills. Our mobile phones are also important. If we lose or damage our phone, we’re on the lookout for a replacement in minutes. Hundreds of thousands of people in Ireland have insurance coverage on their phone so that replacing it doesn’t break the bank.

When it comes to our Incomes, we are not as quick to safeguard this critical resource. Many things could come to a halt if it is lost, including the payment of that essential mobile phone contract!!

Family sitting together and talking

Unexpected Events

How would you pay your rent or mortgage, as well as childcare and other bills if you were unemployed due to a disability or injury caused by an accident or a lengthy sickness?

If you’re eligible for Social Welfare, it may cover some of your expenses (self-employed people are not, for example), but you’ll almost certainly have a deficit in your earnings. Will your employer continue to pay you if you’re away from work for an extended period of time?

Continuing costs regardless

If you don’t have enough money to pay for all of the potential expenditures, then think about whether your household could manage them without your income. Here are a couple of examples , but you’ll know many more:

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Income protection insurance is a Tax-advantaged service in that your marginal tax rate benefits from the premiums you pay. As a result, income protection insurance may not be as pricey as you believe it is.

Income Protection

In the case of a claim, Income Protection insurance may provide monthly payments up to 75% of your income (including state benefits) in the event that you become disabled, injured or sick.

Tax relief at a higher rate of tax is available for the expense of income protection, making this an even more attractive safety net for self-employed individuals.

There are certain timeframes in which you must be away from work before your payments start, as well as how long your payments will last.