What is an Income Protection Plan ?
An income protection plan is a simple, tax efficient cover that aims to protect your income in the event of long term illness or disability. Income Protection provides you with an alternate source of ongoing income of up to 75% of your normal salary (including any social welfare benefits and early retirement pension). The income provided under the Plan is generally designed to commence as soon as your entitlement to an income under your Sick Pay scheme ceases.
The income is payable throughout the period disability to a maximum of age 60 or 65.
Benefits of having an Income Protection Plan
Learning to cope with a long term illness or disability is a major stress in it's own right. Maintaining mortgage repayments and household bills on a reduced income can only add further to this stress. With Income Protection you remove much of the financial stress allowing you to concentrate on adapting to cope with your disability/illness.
Income Protection premiums qualify for tax relief at your marginal rate thereby significantly reducing the cost of cover.
Benefits for SIPTU Members
Individual and Scheme Plans
Our team at JLT are specialists in the area of Income Protection Plans for both individuals and schemes. We have designed and administered schemes for SIPTU since 1998 in the Transport sector and more recently in the Health sector. “Our Strength is in working with SIPTU to negotiate the best possible terms with insurers and to help promote the benefit to members of protecting their income against the worst effects of long term illness or disability”
Making a Claim
Of paramount importance is our oversight of the efficient and fair handling of the claims process. Our objective is to work with the claimant to ensure a stress free claim experience.
What do you do next?
If you would like more information on our scheme or individual options please contact our team directly on 01-202 6002.
JLT Insurance Brokers Ireland Limited trading as JLT Ireland is regulated by the Central Bank of Ireland. Terms & conditions apply.