Income Protection

Income Protection
Income Protection

Supporting you, so you can keep supporting your family

If you are too ill or injured to work, you will still need money to pay the bills, as well as for the things that are important to you and your family. Income Protection gives you money each month until you’re well enough to work again. It’ll give you the breathing space you need to focus on getting better.

Choose the cover that’s right for you

  • Monthly benefit – Choose a monthly income of up to 75% of your salary less any State benefits.
  • Deferred period – Choose how long you will wait before your monthly income kicks in. You can choose from 1, 2, 3, 6 or 12 months. The longer the deferred period, the lower the premium.
  • Choose how long your cover lasts – Anytime from age 55, right up to age 70.
  • Level or increasing cover. You can choose whether your income stays level or keeps up with the rising cost of living.

Tax efficient plans to suit you

Personal Income Protection – with Tax Relief

This is suitable for self-employed clients or if you are in a job that doesn’t provide an income protection plan. You will pay the premiums and can get tax relief at your marginal rate on the premiums you pay. Claiming tax relief is really important as it reduces the cost by the rate you pay tax at – so either 20% or 40%. If you need to claim, your income protection benefit will be paid directly to you, after tax, USC and any other relevant deductions.

Executive Income Protection

This is designed for employers who want to provide an income protection plan for employees. The premiums are paid for by the employer and qualify as business expenses that can be offset against corporation tax. The employer can also elect to have pension contributions covered under this plan. If the employee needs to claim, the income benefit will be paid to the employer, who passes it onto the employee through salary, making any relevant deductions such as tax and USC.

You can also cover employer pension contributions with Executive Income Protection.

To ensure that employer pension contributions are maintained while an employee is off sick, you can cover up to 100% of the employer pension contribution with Executive Income Protection. You can cover up to 35% of the employee’s salary to a maximum of €50,000.

Income Protection – at a glance

  • Waiver of premium: If you are in receipt of a claim from us, we’ll pay your premiums.
  • Dedicated claims specialist: They’ll help you every step of the way.
  • Return to work package: If you go back to work, but you earn less, we may be able to top up some of your salary.
  • Relapse benefit: If you get the same illness again within 6 months, Zurich will pay your monthly income straight away.
  • Maternity, paternity, and carer benefit: If you are not working because you’re on maternity or paternity leave (beyond the statutory period), a career break, or if you’ve become a permanent carer, Zurich will still cover you at a reduced level if you can’t do certain day-to-day tasks.
  • Hospital Cash Benefit: Daily replacement income if you are in hospital for more than 7 days during the deferred period. But rather than just pay you from day eight onwards, Zurich will backdate the payments so that you are also paid for the first seven days you’ve spent in hospital.
  • Increasing cover: Boost your cover when something big happens like becoming a parent or getting a pay rise without giving Zurich new evidence of your health.

Take the next step

Talk to us today to about Income Protection as we are now providing a 15% discount on the lowest rates across the market. See the latest offers from Aviva and Zurich.

We can provide you with a no obligation quotation. Contact Nick or David for more information –