Income Protection Insurance.

Income Protection Insurance is a replacement income (usually 75% of your normal income) that pays your salary each month in the event of an accident or illness which stops you from working.

Everyone gets sick sometimes, but long term illness or injury can stop you working permanently. If this happens, your income protection cover kicks in and covers 75% of your wages until you are well again.

In Ireland every year thousands invest in income protection insurance policies, and enjoy the benefits when needed. It’s easy to make an income protection claim and if you are unable to work it replaces your monthly income for as long as necessary, sometimes forever.

If you are concerned about long term illness or injury affecting your ability to earn then take our eligibility quiz below and see if you quality for this protection.

Income Protection Ireland [2023 Edition]

Everything you need to know

Benefits of Income Protection in Ireland.

Regular Payments

Income Protection pays a regular payment each month

40% Tax Relief

Premiums on your plan qualify for tax relief of up to 40%

Coverage Until 70

Income protection will cover you up until you’re age 70 or retired

Premium Waiver

You do not pay for your cover while in receipt of benefit

Fixed Premium

You can fix the amount you pay, no price changes over time

Non Smoker Discount

If you are a non-smoker, large discounts are available

What You Need To Know.

Our partners have strict policies that empower our clients and make sure they get the best possible cover at the best possible price.

What others are saying about Income Protection…

Income Protection Ireland – Protecting Livelihoods

” It’s easy to get covered. I really appreciated the quick phone call to explain how it works and the different options available. I did a followup zoom call with John and [we] compared all the various policies available. Highly recommend this service! “

Mrs. OD, Ballinteer

Compare all 5 Income Protection Insurance Providers.

Eligible For Income Protection Insurance?

Some jobs qualify, others don’t. Find out if your job can be insured and get a free quote.

What affects the price of Income Protection Insurance?

We discuss this topic in more full detail under the quote calculator. Below is a brief description of the main factors.

Occupation

Your job title determines your eligibility for Income Protection. Some jobs can’t even be insured. Others have less cover available.

Age & Health

All insurers use underwriting to determine how much you’ll pay, monthly, to be insured. Your age and current health are considered risk indicators.

Salary

Your salary (or earned income) is what you’re looking to replace. The higher your salary, the more it’s going to cost to insure.

Income Protection FAQs.

The time between you being unable to work, and your first payment is known as your deferred period. This is typically 6 months but this can changed if you would prefer a longer or shorter deferred period.

The government and the Central Bank acknowledge the vital role income protection plays in keeping people financially secure. As a result, they provide tax relief to higher earners of 40%, meaning that it is subsidised by the government.

The Irish Sick pay entitlement is mandated at only 3 days per year, and only cover 70% of your daily rate of pay. It has no affect on your Income Protection as it only replacement lost income for a short period of time, while your income protection plan provides replacement income for as long as you are unable to work.

Income protection is considered as one of the most important insurance policies you can have. Life Insurance is important if you die prematurely, but with modern medicine it is much more likely you will be out of work due to illness or injury than your death. Serious illness cover is also beneficial but it typically covers a small number of illnesses and excludes things like injury or non-specified illnesses.

Yes, income protection really works. Millions of euros are paid out each year in claims by the insurance companies, and the payments continue until the claimant can return to work. The insurance policy cover a very wide variety of ailments and the vast majority of insurance claims are successful. Unfortunately it does not cover redundancy.

The monthly premium is typically paid by direct debit and the price is fixed for an income protection policy, so if your health starts to deteriorate, your annual salary is safe.

Income Protection Ireland – Useful Articles.

cost of income protection

How much income protection insurance do I need in Ireland?

Typically, you aim for 75% of your income and a deferred period of 3 – 6 months.

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Compare Income Protection Providers in Ireland

There are 6 primary factors that influence the cost of income protection

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insure your income for Finance

Is Income Protection Tax Deductible?

Find out how much tax you can claim back from your policy each year.

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Are You Eligible for Income Protection?

Take a few moments to fill out our income insurance assessment form. One of our partners will reach out to discuss your options and provide a quote as soon as possible.