Income Protection is crucial for Business Owners nowadays

Did you know that if you are self employed you will not receive any cover from the State in the event of illness or injury which prevents you from working!

Very few people are aware of this and as a result are not insuring their most important asset. Their income!

Finance Broker warns small business owners in Galway about the dangers of operating without any safety netting. In a survey of business owners recently in the area, 73% were unaware of the fact that they are not entitled to any state assistance in the event of a sudden loss of income due to accident or ill health.

Kevin Keane of Keane Finance Brokers encourages all of his clients to take out this insurance cover, “people pay insurance for their cars, houses and valuables, but forget to cover the one thing that pays for all of these material goods, their income! Once income protection was shown to me I signed up straight away. I am self employed and if I was unable to work in the morning I would lose everything!”

Many people are unaware that income protection is also a tax deductible with tax relief on your marginal tax rate. This is another benefit of having cover as well as peace of mind.

“Many people take out serious illness on their lives, but the chances of getting hurt or being unable to work are greater. Income protection covers this. There is a 1 in 6 chance that an individual will be out of work for longer than 6 months due to a disability” Keane says.

If you have no income protection and are self employed you are taking a major gamble. You will not be able to get cover to pay your bills or loan repayments. This is especially true of you have a family and your spouse is not working. If your income goes you are in trouble.

Keane Finance Brokers provide income protection through Irish Life, Friends First and New Ireland. They can be contacted at 091 395888 or info@kfb.ie            www.keanefinancebrokers.com

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