Income Protection Plans to Choose from

In Ireland when it comes to income protection there are really only two products to consider – Friend’s First and Irish Life.

We have worked very closely with Friend’s First over the last number of months and have provided plenty of feedback to help shape a plan that best fits the Irish Market.

There are a number of income protection plans for you to choose from.  Which one you pick typically depends on your particular financial circumstances and your budget.   You choose the level of benefit you need and the various options you want to include and we will calculate the Income Protection premium to provide this level of cover.  We will provide quotes from both Irish Life and Friend's First and summarise the advantages and disadvantages of each so you can make an informed decision on the plan best suited to your specific needs.

The income protection plans outlined below are examples of the plans available from Friend's First.

Individual Income Protection

The Individual Income Protection plan is designed for those who are self-employed, or for an employee taking out a policy independently of their employer. This highly comprehensive plan offers a number of benefits. Uniquely in the Irish market, the Individual Income Protection plan offers a Guaranteed Premium option, which means that your premiums are guaranteed for the life of your plan, as long as your chosen benefits remain the same.

Wage Protector

Wage Protector is a cost effective alternative to full Income Protection, designed for those who cannot afford full Income Protection but would like to have some level of cover in place. This includes, in particular, self-employed tradespeople including electricians, tilers and gardeners. With WageProtector’s “Transition Cover” feature, you receive full cover for an initial period to help you get back on your feet after a disability. After 24 monthly payments “Disability Cover” ensures that if you are severely disabled, you continue to have an income until retirement.

Mortgage Income Protection

The Mortgage Income Protection plan is specifically designed to cover the regular mortgage and loan repayments you would face if you were out of work due to an illness or disability. With Mortgage Income Protection, Friend's First have streamlined some of the features from their Income Protection plan and linked it to the term of your mortgage.

Executive Income Protection

If you are an employer, who is interested in putting a plan in place for key employees, the Executive Income Protection plan might suit you.  Premiums paid by the Employer qualify for tax relief as a deductible business expense. Benefits received by an Employer are treated as a taxable trading receipt. Benefits passed to an Employee by the Employer are deductible for tax as with any normal remuneration. Benefits received by the Insured are treated as normal taxable income and are assessed for income tax under the PAYE system.

Contact our Financial Services Team to learn more about these income protection plans or book a free consultation to discuss the plan  that best suits your specific financial circumstances.

• Learn more about Income Protection Premiums
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