Income protection insurance starts from as little as a few Euros per month, depending on the level of cover you choose.
Occupation, deferred period, length of time of cover and the amount of salary you wish to receive all determine the cost of income protection insurance.
The good news is that the government partly covers your income protection insurance payments. They do this in the form of tax relief on your monthly premiums.
The government wants you to take out income protection insurance. It saves them from paying for your needs when you cannot work. To encourage you, they give tax relief at your marginal rate, up to 10% of your total annual salary.
Income protection guaranteed and money back from the government at the same time—nothing to argue with there.
The question really should be not ‘how much is income protection?’ but ‘how can I afford not to have income protection?’