We all know about the “obliged to have” insurances: mortgage protection, car insurance, home insurance, travel insurance. We also often have other forms of protection including health insurance and pet insurance. But how many people don’t consider protecting the one thing that pays for everything else? Their income
Your income is your greatest asset. Without it the bills wouldn’t be paid, the mortgage wouldn’t be paid, the car wouldn’t be there. There would be no luxuries like gym memberships or holidays. You certainly wouldn’t be building your wealth or retirement fund.
It can be easy to take your income for granted. But have a think about what would happen if an illness or injury left you unable to work. Find out how long would you receive payment from your employer. Look at how you could use existing savings to sustain your lifestyle.
If you are entitled to it, State Illness Benefit is currently €203 a week. How far would this stretch to paying the bills?
Income Protection provides an alternative income while you’re unable to work. This can give you financial security and peace of mind while you recover. Here’s an easy-to-follow video guide to Income Protection from one of a choice of product providers:
In simplest terms, an income protection plan pays you a replacement income until you return to work or until your chosen retirement date, if you’re not fit to return to work before then. There are a selection of product providers and plans with different features on offer. At Searing Point Wealth Management, we can help you select the plan and level of cover that will best suit you, just contact us for an initial chat.
