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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.

Sit back and relax. We’ve hand selected our customer service agents to ensure that you are connected with a regulated financial advisors who can help. You can expect a phone call from them in the next 24-hours to get an exact quotation.