Income Protection | Jameson Financial

Income Protection

What Jameson Financial offers:

We compare the market for the cheapest premiums.

How are the benefits paid out?

Benefit is payable after a deferred period starting from as little as 8 weeks or 7 days if hospitalised. Benefit continues until you make a recovery, or can continue right up to age 65. As the benefit pay-out acts as an income replacement, it can be used to cover everyday expenses including mortgage payments.

Can I cover my entire salary?

You can set the amount that you wish to be insured, however the maximum benefit is 75% of your annual salary less the State Illness benefit (if applicable) which is currently approximately €10,000. (Note that State Illness Benefit is not paid to self-employed people).

Do I qualify for tax relief on my premiums?

If you are an employee or self-employed and take out an income protection plan, you can claim tax relief at your marginal tax rate i.e. up to 40% tax relief on the monthly cost of cover.

 

Company Paid - Income Protection

If you wish for your limited company to pay the income protection premiums, then the company can claim full corporation tax relief on the premiums.

Can any occupation get income protection insurance?

Your occupation is very important as not all occupations are covered; particularly occupations that have a degree of occupational risk, e.g. working with hazardous materials or working in confined spaces, or at extreme heights or deeps. However, most occupations qualify with different risk classes assigned to them.

Can I protect my cover against inflation/salary increases?

Yes, you can choose whether to include benefit indexation and to include it in a claim payment situation. Indexation will mean your premium will index annually by a set amount also. Usually, premiums increase at 3.5% pa, when benefits increase by 3% pa, where indexation is chosen.