Hessionlife.ie | Income Replacement & Protection

By: Hession Life  05/12/2011
Keywords: income protection

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» Income Replacement & Protection

Permanent Health Insurance (PHI)

This plan is designed to insure your income right up to retirement age. You can insure 75% of your gross salary less any benefits from the Dept of Social Welfare and you can have the benefit deferred for 13 weeks, 26 weeks or 52 weeks. The cost is tax allowable at your highest rate of tax.

How does it work? Example: Salary €60,000 p.a., Social Welfare benefit: €10,624 this means a drop of €49376 per annum- quite a drop! How will you pay your bills never mind maintain your lifestyle? Next to Life Assurance, Income Protection is the most essential cover to have. Low or no income equals poverty!

This product needs to be reviewed regularly to make sure that you are only paying for what you are likely to get, and if necessary to be adjusted according to income, as payment will only be made on production of a P60 or Revenue returns if self employed. This, above all products, needs to be reviewed every year.

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The information in this article was current at 02 Dec 2011

Keywords: income protection

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We are agents for the following Life Offices, Irish Life, Canada Life, New Ireland, Eagle Star, Standard Life, Scottish Provident, Friends First, Caledonian Life, Hibernian Life and Acorn Life. Don't forget that we can also arrange your Mortgage, Life Cover, Pension planning and any Lump Sum Investments you may want. We offer advice and Services on.


Hessionlife.ie | Pensions

Remember that you can avail of huge tax savings when paying into your pensions, so every year you are without a pension in place; you are missing out on large tax savings. This is great news - IF we have made provisions to have a regular income to suit our lifestyle when we reach retirement. We can now expect to live 20 - 25 years into retirement - almost half our working lives. Executive Plans - for company directors.