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Irish Independent
RTE
The Sunday Times

Income Protection

Income Protection (also known as Permanent Health Insurance or PHI) provides you with a replacement income in the event that you are unable to work due to any accident, illness or disability.

Serious Illness
Income Cicle

Protecting Your Income Protects a Lot More than your Income!

Statistics show that a 30 year old person is more likely to be off work due to an illness or injury for a long period, than to die before the age of 65.

We compare all Irish Insurers to get you the best quote

  • Zurich
  • New Ireland Assurance
  • Royal London
  • AVIVA
  • Friends First
  • Standard Life

How much of your income can you replace?

It must be earned income so you cannot include rental income or dividends for example.

The maximum that you can cover yourself for is 75% of your income less any social welfare entitlements (currently circa €10,000 per annum). Note that State Illness Benefit is not paid to self-employed people.

Income Protection
Income Protection

What are the relevant deferred periods?

The ‘deferred period’ is the time between when you are injured and when the policy will commence payment. You must be unable to work for a minimum of the deferred period before the benefit will become payable.

What is the difference between a Guaranteed and a Reviewable plan?

A reviewable plan means that the premium is fixed only for a certain initial period. This means that the premium can be reviewed regularly by the provider after the plan has been put in place. The terms for implementing the review will be determined by the terms and conditions of the plan.

A guaranteed plan means that the premium payable will be guaranteed not to change throughout the term of the plan.

Income Protection
Income Protection

Where does my occupation fit in?

Your occupation is very important as some occupations will not be covered due to the nature of their work or may only be offered cover at an increased cost. Below is a table that will give you a good idea of what class your occupation falls into but it is not the definitive guide as there are some small differences between the various life companies.

Is there Tax Relief on Premiums?

There is tax relief available but it depends whether the policy has been set up by an individual or a company.

Income Protection
Income Protection

What if my salary increases or decreases?

Typically most life companies have an automatic benefit on these type of policies which allows you to increase the cover on your policy by 20% of the original cover every three years without having to provide evidence of health. In addition you can also select the Indexation Option on your policy.

Income Protection or Serious Illness Cover?

Serious illness cover pays a lump sum to you if you are diagnosed with any of the specified illnesses named in the plan. This lump sum can be used to pay off large loans, pay medical bills etc.

Income Protection provides you with a replacement income in the event that you are unable to work due to any accident or illness. With this policy you are covered until you can return to work or until retirement age if you unable to return to work.

Income Protection