Key Takeaways
- Income Protection can replace up to 75% of your income.
- Monthly payments continue while you’re unable to work.
- Cover is available for illness and injury.
- Deferred periods can reduce premiums.
- Particularly valuable for self-employed workers.
Income Protection Explained: What Every Irish Worker Should Know
Your ability to earn an income is one of your most valuable financial assets.
But what would happen if illness or injury prevented you from working for months or even years?
That’s where Income Protection Insurance can help.
What Is Income Protection?
Income Protection Insurance provides a regular monthly payment if you are unable to work due to illness or injury.
The benefit helps replace part of your income while you recover.
How Much Income Can Be Covered?
Most policies allow you to protect up to 75% of your earned income.
The exact amount depends on your occupation and insurer.
When Does It Start Paying?
Income Protection policies include a deferred period.
Common waiting periods include:
- 4 weeks
- 8 weeks
- 13 weeks
- 26 weeks
The longer the waiting period, the lower the premium is likely to be.
Who Should Consider Income Protection?
Income Protection can be particularly valuable for:
- Self-employed individuals
- Business owners
- Professionals
- Employees without generous sick pay benefits
Why Is It Important?
Many people insure their home, car and possessions but overlook the importance of protecting their income.
Without an income, meeting everyday expenses can quickly become difficult.
| Feature | Income Protection |
|---|---|
| Monthly Income Replacement | ● |
| Covers Illness | ● |
| Covers Injury | ● |
| Provides Regular Monthly Payments | ● |
| Protects Up To 75% Of Income | ● |
| Suitable For Self-Employed Workers | ● |
| Helps Cover Household Bills | ● |
| Can Include Deferred Periods | ● |
Final Thoughts
Income Protection can provide financial security and peace of mind if illness or injury affects your ability to work. Reviewing your options regularly can help ensure you have suitable protection in place.
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