T
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I am a bit confused by Income protection, and would be grateful for some help -
Take an individual with an income of €45,OOO per year (pre tax)
Income protection max is 75% = €33,750
Sate benefit = (approx) 9,000
That leaves €24750
So insurance company benefit to be paid is €475.96.
Am I correct in thinking that there is then tax to be paid out of this 475.96??
Does this leave a very small income?
Is income protection enough to have?
Take an individual with an income of €45,OOO per year (pre tax)
Income protection max is 75% = €33,750
Sate benefit = (approx) 9,000
That leaves €24750
So insurance company benefit to be paid is €475.96.
Am I correct in thinking that there is then tax to be paid out of this 475.96??
Does this leave a very small income?
Is income protection enough to have?