Story Time: Avoiding Financial Disaster

The Unexpected Challenge: How One Dublin Accountant Secured His Future During a Health Crisis.
Michael O’Brien had built a successful career as a chartered accountant in Dublin. At 35 years old, he was at the peak of his profession—working long hours, building his client base, and planning for the future. With an annual salary of €75,000, he had recently moved into a new home and was enjoying the financial freedom his hard work had afforded him. But what he didn’t plan for was the life-changing illness that struck suddenly.
When Life Takes a Detour
One morning, Michael woke up feeling unwell. Initially, he dismissed it as exhaustion from work. But as the weeks passed, his energy levels plummeted. Persistent joint pain made daily tasks unbearable. Eventually, he was diagnosed with a chronic autoimmune disorder—a condition that could take months, if not years, to manage effectively. His doctor recommended immediate treatment and time away from work to focus on recovery.
At first, he assumed his employer’s sick pay would sustain him. However, after just three months, his full salary payments stopped. The stark reality of having no financial support hit hard. With mortgage repayments, household bills, and daily living expenses mounting, Michael faced an impossible situation—should he prioritise his health or attempt to return to work before he was fully recovered?
The Financial Reality of a Long-Term Illness
Michael’s case is not unique. According to industry statistics:
- 1 in 6 Irish workers will be out of work for more than six months due to illness or injury before they retire.
- The average period of workplace absence due to a serious illness is 2.5 years.
- State illness benefit provides just €232 per week—significantly less than what’s needed to cover mortgage repayments, utilities, and other financial commitments.
With these figures in mind, Michael realised that the safety net he assumed was there simply wasn’t enough.
A Tale of Two Futures
Let’s contrast Michael’s story with another accountant in a similar situation—David. Both men were 35 years old, non-smokers, and earning the same salary. However, David had taken a simple step early in his career that Michael had overlooked—he had secured a financial safeguard tailored to his income.
When David was diagnosed with a similar condition and needed extended time off work, he didn’t worry about his financial commitments. His plan replaced a large portion of his salary, allowing him to focus on recovery without the stress of lost income. He continued paying his mortgage, maintained his standard of living, and even set aside savings during his time off.
Meanwhile, Michael, without the same support, was forced to dip into his emergency fund. He borrowed from family and ultimately considered selling his home to manage his expenses. The stress of financial insecurity made his recovery even more challenging.
What This Means for You
The lesson from Michael and David’s experiences is simple:
No one expects to be out of work due to illness or injury, but when it happens, having a financial cushion ensures stability. Whether you’re an accountant, engineer, or self-employed professional, your income is your most valuable asset. Losing it, even temporarily, can have lasting consequences.
The question is:
If you had to stop working tomorrow due to illness, how would you cope financially?
If you’re unsure of the answer, now is the time to take action. Planning ahead isn’t about expecting the worst—it’s about ensuring peace of mind so that, if the unexpected happens, you have the financial security to focus on what truly matters: your health and your future.
Would you like to explore how to set up a similar safeguard? Get in touch today for a free consultation with a QFA qualified Family Cover adviser.


Brian Whelan (QFA)
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