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Sole Trader - S1 - Should I opt to pay some PRSI and/or some IP insurance

  • 08-11-2013 12:54pm
    #1
    uberalles
    Registered Users, Registered Users 2 Posts: 836 ✭✭✭


    Im getting quotes for Income Protect insurance.

    Ive also found out I pay S1.

    PRIS > Is there a new GOVT option to pay some PRSI as a Sole Trader?

    Should I mix it with some Income Protect insurance?

    Health wise Im fine now, just thinking of the future and guarding against a possible serious illness.


Comments

  • #2
    uberalles
    Registered Users, Registered Users 2 Posts: 836 ✭✭✭uberalles


    Anyone an opinion?


  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Two totally different things, the PRSI you must pay will go towards your pension entitlements in the future, there are very few other benefits available to self employed other than means tested ones should you be out of work.

    Income protection is designed to give you an income should you be unable to work, difficult enough to claim so take good advice as to the type of product you go for.


  • #4
    2ndcoming
    Registered Users, Registered Users 2 Posts: 3,588 ✭✭✭2ndcoming


    uberalles wrote: »
    Im getting quotes for Income Protect insurance.

    Ive also found out I pay S1.

    PRSI > Is there a new GOVT option to pay some PRSI as a Sole Trader?

    Should I mix it with some Income Protect insurance?

    Health wise Im fine now, just thinking of the future and guarding against a possible serious illness.

    The one thing almost all sole traders are charged is PRSI, there's nothing new about it. It's charged on your income tax assessment.


  • #5
    uberalles
    Registered Users, Registered Users 2 Posts: 836 ✭✭✭uberalles


    2ndcoming wrote: »
    The one thing almost all sole traders are charged is PRSI, there's nothing new about it. It's charged on your income tax assessment.

    But can you opt for a higher rate of PRSI than S1 to help you in the event of no work and/or better $ on retirement?


  • #6
    professore
    Closed Accounts Posts: 5,857 ✭✭✭professore


    uberalles wrote: »
    But can you opt for a higher rate of PRSI than S1 to help you in the event of no work and/or better $ on retirement?

    No.


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