Compare Income Protection Insurance.

The cost of income protection insurance depends on your income, and how much of it you choose to insure.  

You can only insure up to 75% of your income, including any employer and social welfare payments.  The age at which you choose cover to end will also affect the price of your policy as will the deferred period you choose.  The deferred period is the time before payment of benefits begins.

* Example 1 – 30 year old, midwife, employee, earning €39,317 per year, non smoker, no illnesses, covering 50% of income, deferred period 26 weeks, covered until age 60. Accurate as of 04/05/23/
** Example 2 – 46 year old carpenter, self employed, earning €44,950 per year, non smoker, no illnesses, covering 75% of income, deferred period 13 weeks, covered until age 65. Accurate as of 04/05/23/

Quote data accurate as of May 4th 2023

You will be able to claim tax relief on mortgage protection premiums at your marginal rate of tax ie. if you pay tax at the 40% rate, you can claim 40% of your premiums.

The government is happy to cover the cost of income protection for workers, as it takes potential stress off the Irish social welfare system.

It is easy to get a straightforward quote for income protection policy based on your income, how much of it you want to insure, and the term of the policy.

However, insurance companies differ in what they offer in many ways. It is important to look at what you are being offered and choose the options that are most important to you.

For example, you may want to choose an ‘own occupation’ option, or a split deferred period may suit you best.

It is also worth checking where your occupation falls in terms of job risk, as different insurers categorise jobs differently.

Although it is important to check at the outset, most policies will continue to pay benefit for the term of the policy as long as you are unable to work due to illness or injury.
Most policies offer support to facilitate your return to work and may ask that you attend their medical specialists.

Many will also support a return to part time or lower paid employment by ‘topping up’ lower pay with benefit for the term of the policy.

Royal London also offer back to work benefit which entails financial support for the first three months of your return to full time work following a claim of more than one year.

Much of the cost of the policy is determined by your income, as well as your age, current health, family medical history, lifestyle factors such as smoking and your job risk.

However, you can choose how much of your income you wish to insure ( it does not have to be 75%), you can choose a longer deferred period (the time before benefit is paid), and you can forego flexibility options, and/ or indexation options all of which will reduce your premium.

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Yes. The level of perceived risk inherent in your job will affect firstly, whether or not you will be offered income protection cover and, secondly, how much you will pay for income protection.

Categories of risk are divided into classes 1-4 or 5/D which are occupations which are deemed uninsurable as they are too risky to insure.

White collar workers eg. accountant, solicitor, university lecturer, bank official.

Mainly administrative workers eg. hairdresser, biochemist, caterer.

Skilled occupations without heavy manual duties eg. care assistant, nurse, shop worker.

Skilled tradespersons eg. bricklayer, carpenter, plumber.

These occupations are considered too inherently risky to cover eg. soldier, pilot, prison worker.

Use our online assessment to get a quote for income protection that will offer you peace of mind at the most affordable price, with the best cover for you.

The most suited member of our team will be in touch to find you the best possible quote for your needs.

Our team of Qualified Financial Advisors will find the best possible quote to fit your individual needs at the lowest possible price.

Don’t wait until the unexpected happens, insure your income today.

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