What is Income Protection?

Income Protection gives you the financial security you need should illness, injury or disability leave you unable to work for three months or more. An income protection policy can cover up to 75% of your income salary (minus social welfare, if applicable) so that you can meet your day-to-day bills, loans and mortgage.

Income Protection is a form of disability or sickness insurance that gives you more control of your financial security. You pay a monthly premium determined by your occupation and health status and the policy covers you with a regular income for the duration of your
illness, injury or disability until you return to work, or until retirement.

Income Protection policies can vary and some covers include more cover than others. As your needs change, your Income Protection policy can be adjusted to suit your new circumstances.

A significant advantage of income protection is that the monthly payments are tax deductible. At the top rate of tax, the premiums are allowed as a deduction when calculating your income tax liability. There is an annual limit of allowable premium up to 10% of the individual’s annual gross income. PAYE employees can gain income tax relief at source and do not need to make a tax return in order to gain the relief.

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