Income Protection Insurance

Income Protection is an insurance policy which can replace up to 75% of your usual income less any social welfare payments when you are off work due to an illness or injury.

Your plan will protect your income against any illness, injury or disability.

When illness, injury or disability prohibits you from working, you need to know that you can stay on top of the bills and maintain your lifestyle. If you do not have an alternative source of income, how would you maintain the lifestyle that you have grown accustomed to?

The cost of your cover is broadly linked to three factors. The amount of cover, i.e. the percentage of your income protected, your deferred period and the length of your policy. Other factors that can impact the cost of cover are your age, health, occupation, medical history and lifestyle.

This is the initial waiting time at the start of your claim. You can choose from 4, 8, 13, 26 or 52 weeks from when you put your policy in place.

Yes, tax relief is available on income protection insurance premiums at either 20% or 40%.

Yes, we deal with all providers. Zurich, Irish Life, New Ireland, Aviva and Royal London.

We will ask you questions about your occupation, your lifestyle (e.g., hobbies, smoking status, and alcohol consumption), your medical history, such as whether you have been hospitalised or had any medical investigations recently, family’s medical history before age 60, doctor’s contact details.

No, we do not charge any fees for setting up your plan.

Yes, you can cancel your policy any time with no penalty.

Yes, there is no limit to the number of claims or length of any claim.

Income Protection policies provide you with a replacement source of income, therefore it is still subject to the normal tax regime that applies to you.

Income Protection does not cover redundancy, it provides for replacement of income if you are unable to work due to ill health.

Your Income protection plan will pay you a regular income until you are able to go back to work or until your policy ends (usually on the day that you retire).

Your policy will continue to provide cover if you change jobs, regardless of what the new job entails.

You can make a claim on your Income Protection if any illness, injury, accident or disability that prevents you from working. You can make a claim on your specified illness cover if you are diagnosed with an illness named in your policy.

With most insurers on the first anniversary on your policy and every year thereafter your insured income protection benefit will increase by 3% and your premium by 3.%. Some insurers use a CPI calculation instead.

The benefit will remain level throughout the duration of the claim. You can, however, opt at proposal stage, to have the benefit increase at 3% per annum whilst in payment. If you choose this option, the benefit will revert to the original amount once the claim has finished.

Yes, under an Executive Income Protection plan your company can pay the premium and it can be treated as a business expense.

No, there is no BIK liability for either a company director or employee where the employer is paying the premium.

Typically, you do not have to continue paying the premiums while you are receiving payment of the benefit. However, once you are finished your claim, you must recommence payment of the premiums to maintain the cover.