Income protection is a must have for self-employed people and also important for paye workers.
Today I’m gonna give you a few tips on this policy.
The premiums have been reduced lately by Friends first and other companies are now trying to match them,so now is a great time to be starting your policy.
Make sure you are getting tax relief on these payments,self employed will get it when they do their tax return in October, but paye workers have company policies or individual ones and most people don’t claim the tax relief on it.
If you have an accident or injury and can’t work,these policies will pay out until you can return to work and will keeping paying out until your 65.
Don’t cover more than 75% of your salary because if you do, you are wasting money and over covering yourself, as insurance companies will only pay out 75%.
If you have any questions on how to claim tax relief or wish to get a re-quote or a new policy,feel free to mail me at darragh.farrell@yes.ie.