Permanent Health Insurance (PHI), also known as Income Protection provides you with a replacement income if you cannot work as a result of an illness or injury after a certain period of time. You can take out income insurance if you are in full time work or are self-employed and earn an income. It protects you only in these circumstances - it will not be paid if you become unemployed. You must keep up your payments to stay on cover.
It pays you a regular monthly income, replacing some of your earned income. Cover continues until age 65 or you return to work. Payments on your plan are eligible for income tax relief at your marginal rate of tax. However, if you do claim on this plan, your incapacity benefit will be treated as normal income and so is assessed for income tax, PRSI and the Universal Social Charge.
The maximum benefit payable is now €250,000, Benefits are paid less any State benefits or other income protection plans.
The maximum benefit payable is 75% of your total yearly earnings, less any state benefits or other income protection plans,
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