» Specified Illness / Income Protection

Income Protection

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SmartQuotes.ie compare all the market providers to you to offer you the lowest quote available. Tax Relief is available on premium at your higher rate which can be up to 49%.

Who would pay for the things you take for granted in life if your income suddenly stopped. Income Protection can solve this problem.

The key benefits of income protection are...

  • ANY TYPE of illness or injury which prevents you from working is covered.
  • MONTHLY PAYMENTS are made until you can go back to work or retire.
  • YOU CHOOSE the level of cover you require and how soon it begins after you have to stop working.
  • YOU'RE COVERED for up to 75% of your net relevant earnings, less social welfare entitlements.
  • YOU QUALIFY for tax relief on your premiums up to your marginal tax rate.

For approx €44 per month (after tax relief) an individual can protect €35,000 of their income up to age 65*

*All above based on individual aged 35 with cover to retirement at aged 65. Income Protection is for Class 1 employee and a deferred period of 26 weeks. Tax relief is assumed at 49%. 49% tax relief assumes singled employed individual earning €75,000 (income tax at 41% plus PRSI at 4% and Health Levy at 4%).  See here for up to date tax rates. The above assumes operated under net pay arrangement by employer.  See reference material at Revenue.ie here and here.

Specified Illness

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SmartQuotes.ie compare all the market providers to you to offer you the lowest quote available. We are currently offering up to a 70% discount on the first year’s premium.

Unlike other providers we allow individuals on monthly payment plans to benefit from a discount in their first years premium.

To protect your family against the financial loss that would occur due to a spouse/partner being unable to work due to a Specified Illness, you would need a lump sum of €200,000* to replace every €1,000 in lost monthly income!

*This figure assumes the lump sum is invested and achieves a gross return of 6% per annum, and the funds will last for 20 years. It also assumes inflation of 3% per annum and the families needs will increase by that amount.

It is important to take the necessary financial steps now to insure ourselves and our families against the financial loss associated with Specified Illness.

Specified Illness cover (CIC) is a long-term insurance policy designed to pay a lump sum on the diagnosis of certain life-threatening or debilitating (but not necessarily fatal) conditions such as a heart attack, stroke, cancer, multiple sclerosis and loss of limbs.

The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers.

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