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Why get income protection insurance?

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What is income protection insurance?

Income protection in Ireland is an insurance policy that protects you should you become unable to work due to illness, accident or injury. If you can't work due to falling ill, an accident or lost your job through no fault of your own, then an income protection policy will pay an agreed fixed amount of your salary every month. A typical income protection policy will usually pay out until you return to health and work. It is generally recommended that you have enough money saved to cover at least three months’ worth of living expenses, in case of emergencies. Any savings can rapidly disappear if you are out of work for a long period of time. At Paddy Compare we want to help you protect your income, your health and your livelihood, therefore we work with some of the best income protection insurance providers in Ireland to bring you policies that suit.

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What type of income protection cover do I need?

If you and your family members rely on your income to cover your main household bills, an income protection policy will give you and family peace of mind. You will need to choose between a guaranteed protection policy or a reviewable protection policy. A guranteed protection policy fixes the payments throughout the policy and makes budgeting easier, whereas with a reviewable protection policy your payments change over time. A personal plan will be paid by the individual, and a group or executive plan would be set up by an employer. At Paddy Compare our trusted income protection advisers are here to guide you in the right direction and tailor the perfect policy to fit you and your family.

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Who is eligible for income protection?

To be eligible for an income protection insurance policy in Ireland you need to be employed for over 16 hours per week, or self employed. Typically you can choose to start an income protection insurance plan up to the age of 54 and stop it at age55, 60 and 65. Each job is given a rating between 1 to 5, an office based worker is the lowest risk and ranks 1, whereas trades people are class 5 jobs as they are at greater risk.

How much does income protection insurance cost?

The cost of income protection really depends on your own personal circumstances and the policy you opt for. There are many things that can affect the cost of your income protection policy, including your: salary- the more you earn, the more expensive your cover will be; job - if you have a risky job such as a builder or mechanic this could mean your premiums are higher; debts- if you have any outstanding debts or loans, these will also need covered; your age - unfortunately the older you are, the more likely you are to become ill or injured, and therefore your premiums will be higher; marital status- if you have anyone who is financially dependant on you, this could mean you need more covered; your health- if you have any pre-existing health conditions or if you are a smoker, these circumstances could mean your policy will be more expensive; and your lifestyle- if you participate in an active healthy lifestyle this will work in your favour. It is important to note that income protection insurance will still be available even if you have lost your job, provided you lose it through no fault of you own.

How much cover can I get?

In most cases you can choose an amount up to 75% of your salary before tax after deducton of any state illness benefit that you are entitled to. There will also typically be a cap on the maximum yearly amount that you can claim. For example if you earn €50,000 and opt to cover 75% of your income, then this would result in an monthly pay of £3,125 before deduction of the state illness benefit.

Why Paddy Compare for income protection insurance in Ireland?

Income protection insurance can be complex and confusing, and we recommend that you seek advice before selecting a policy. Simply use our income protection insurance quote form to get quotes tailored to your circumstances. Our specialist income insurance providers will contact you to discuss the details and offer advice that you can trust. Try Paddy Compare and put your mind at ease today.

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What are the different types of benefit available?

Every policy is different and tailored to your needs, speak to our advisers and get the right income protection insurance cover today.

Life cover benefit

You may be able to get a lump sum payment on some policies if you were to die during the term.

Terminal illness cover

If you are diagnosed with a terminal illness your policy start straight away.

Hospital benefit

If you are admitted to hospital during your deferred period you will receive a daily income up to a set amount.

Guaranteed increase option

This allows you to top up your cover at specified intervals during the term of your policy.

Premium waiver

You can break your payments during a claim with a waiver premium in place, payments restart when you get back to work.

Occupation change

If you change jobs your policy will continue even if you move to a higher risk job.

  • What is the deferred period?

    The deferred period is the time between when you first stop working and the time your policy starts. This can be between 4 and 52 weeks and should often align to the length of your employer's sick pay policy, after which time you would want your policy to kick in.

  • Who offers income protection insurance in Ireland?

    The four main insurers who offer income protection policies in Ireland include Aviva, Irish Life, New Ireland and Royal Ireland. At Paddy Compare our trusted income protection brokers will be there to provide you with advice and tailored quotes to suit.

  • How long can I claim income protection for?

    You can continue to claim on your policy as long as you are unable to work through illness or injury, up to such a time when you return to work, your policy ends or your death.

  • Can I claim if I have been made redundant?

    Unfortunately you can only claim if you are unable to work due to injury or illness. You cannot claim if you have been made unemployed.

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