• Illness Benefit is a weekly social welfare payment for those unable to work due to illness, available to employees under State Pension Age (66 years) with sufficient PRSI contributions.
• The benefit is not paid for the first 5 days of illness, as this period is covered by the Statutory Sick Pay scheme paid by employers.
• Invalidity Pension is available for self-employed individuals, including farmers, who are not eligible for short-term benefits like Illness Benefit.
• To qualify for Invalidity Pension, one must be incapable of work for at least 12 months or be permanently incapable of work.
• A good financial planner can help implement strategies like Income Protection or Specified Illness cover to mitigate the risk of income loss.

To read the full article and learn more about state benefits and income protection, visit the Southern Star website.

Reach out to FDC financial advisors for personalised advice and assistance in planning for income protection and understanding state benefits.

FDC Financial Services Ltd is regulated by the Central Bank of Ireland.