Liveline on Monday really highlighted the need for income protection. Take a listen to the this podcast from Monday 25th January from minute 16.36. A self employed physical therapist who gets sick and has no social welfare and now dependent on her husband and children to take care of her. It is very upsetting and of great concern the state have no responsibility to the self employed when they get sick.
I have calculated that if a 30 year old female, non smoker took out even the equivalent of the state illness benefit of €188 per week (€9,776 per annum) with a deferred period of 13 weeks and occupation class 2 (higher risk occupation) it would cost €30.31 per month less tax relief of €12.12 (assuming a 40% tax rate) to give a net premium of €18.19 per month or €4.20 per week!!!