You've worked hard for the lifestyle you enjoy today, but what if the things you take for granted suddenly disappeared? Ask people what is their biggest asset and the majority will say their home but they're wrong. Your biggest asset is your income. People understand the logic of insuring their car yet they question the logic of insuring their income. Why?
Consider the following:
- Cancer affects 1 in 3 people in Ireland. Irish Cancer Society
- 85% of the private sector would get no sick pay after 6 months. Friends First
- You are 4 times likelier to become disabled than you are to die during your working life. Friends First
- The state disability cover is circa. €10,000 per annum but if you're self-employed you don't qualify for it.
If you unexpectedly became seriously ill in the morning and could no longer earn how would it impact financially on you and your loved ones? Money is essential to your quality of life.
If your income dried up, think how quickly the bills would mount up. How long would your savings last (if you have any)? It would be a financial nightmare. The mortgage, the car, the shopping, gas, electricity etc. Without your income, it would all fall apart.
However there are solutions. You can insure your income so that you'll be paid an income if you are medically unable to work. You could also or alternatively insure yourself for a lump sum which would be paid out tax free in the event of you suffering a specified illness such as cancer, heart disease etc.
We can advise you how best to protect your income. It's a win / win equation. If you remain healthy you can continue working and earning, while if you become ill and unable to work you'll have a safety net.