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Income Protection Calculator

If you suffer an illness or injury that prevents you from being able to work, income protection insurance is a policy that ensures you are still paid a percentage of your wages while you recover.

The policy is usually paid out after a deferred period – that is to say your benefits will start coming in after a period of time agreed in the policy. Usually 3-6 months.

In Ireland, the statutory requirement for sick leave is only 3 days of 70% pay. This means you are protected for short term illnesses – but financially exposed to longer terms ailments. This is where income protection is useful as it covers 75% of your wage in the event of illness or injury. This insurance means that you are financially protected in the event of a long term illness or injury.

What Factors Influence The Price of Income Protection Quotes?

Insurance companies will determine whether your job is high risk, medium risk, low risk or uninsurable. They reach their conclusion by ascertaining a variety of factors in relation to the day to day activities involved in your role, as well as historical data from other claims and injuries in comparable roles.

Different insurance companies may value these factors differently but generally they will weigh up approximately the same risks before calculating a premium.

Our income protection calculator above is based off of a multitude of personal attributes and work related factors.

The above calculator takes the following factors into account:

  1. Your occupation
  2. Your income level
  3. Your employment status
  4. Your current health status
  5. Your age
  6. Your location

1. Your Occupation

Your line of work can directly influence the amount you require to cover your income in the event that you are physically unable to perform in your job. Different industries present different risks and the cost of insurance will vary accordingly.

Your work may be physically demanding and potentially likely to cause long term damage. If, for example, your job requires a lot of heavy lifting, potential back injuries may be taken into account.

2. Your Income Level

How much you earn will naturally influence how much compensation and how many benefits you require if your health suffers.

3. Your Employment Status

Insurance prices can change based on whether you are an employee at a business, self-employed or perhaps a company director. The details of your status within your work are impactful.

Those positions which are more stressful carry a higher income protection price.

4. Your Current Health Status

Your health is hugely significant in influencing your potential insurer. Our income protection calculator takes into account factors like whether or not you smoke and whether you have any major health issues in order to gauge the likelihood of your contracting a debilitating illness that may stop you from working.

5. Your Age

Your age may influence the likelihood of illness or injury and thus impact the cost of your income protection. Our income protection calculator can be used by all manner of age brackets.

6. Your Location

Income protection insurance can fluctuate depending on where you and your job are located. Our income protection calculator can account for wherever you are based. This is particularly the case if you are working offshore or in a different jusrisdiction.

Income Protection FAQs

Choosing the right amount of Income protection cover, finding the right deferred period and finalising the best provider can be a tricky business. All income protection policies are different and should be carefully reviewed by a central bank regulated advisor.

Once you find out above if your job is eligible, you will have the opportunity to speak to a central bank regulated insurance advisor – 100% free of charge.

Or, you can research how much income protection do I need to get a grasp on your own situation beforehand.

Income Protection Insurance is tax deductable. While you pay annual, semi-annual, quarterly or monthly premiums, you can claim tax relief back on what you spend, a 40% tax relief for higher earners.

This means that income protection insurance is tax deductible.

The Irish government encourages its citizens to take out an income protection policy as a way to minimise the amount of pressure on the social welfare system.

The best way to assess income protection for your professional situation is by availing of the calculator above.

It will offer you a detailed grasp on your career’s insurability and may challenge any assumptions you have about income protection insurance.

Take our quiz to find out what benefits may be available to protect your income in the event you are unwell.

Our website offers plenty more important information on income protection. Feel free to browse our resources to compare income protection insurance providers to find the provider best suited to your needs.

If you do find yourself unable to work because of an injury, illness or disability, you will likely want answers on another major part of income protection insurance – how to make an income protection claim.

To make an inquiry fill out our quiz linked below or contact Insure Your Income via phone or email.

Eligible For Income Protection Insurance?

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