Income Protection
Your income pays for everything else. Income protection replaces part of it if illness or injury stops you working for a long time, so you can focus on getting better.
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What is income protection?
Income protection pays you a regular income if you can't work for a long time because of illness or injury. Payments start after a waiting period you choose, called the deferred period, and continue until you can go back to work or the policy ends, whichever comes first.
You choose how much of your income to cover, up to a limit set by the insurer. You can usually get tax relief on your premiums, and the income you receive is taxed like your salary.
Hear it from Breon
Who it suits
- Self-employed people with no sick pay to fall back on
- Employees whose sick pay would run out
- Anyone whose household relies on their income
- Company directors and business owners
What to look at
How much cover
The monthly amount you'd receive. Insurers limit it to a share of your income and take State Illness Benefit into account.
Deferred period
How long you need to be out of work before payments start. A longer deferred period costs less, so it helps to match it to any sick pay you already get.
How long it pays
Most policies pay until you return to work or until the policy ends, which is often at your chosen retirement age.
Your occupation
Your job affects the cost and how your policy defines being unable to work, so it's important to get the details right.
How Manning Financial helps
Breon Manning has been in financial services for 25 years. As a multi-agency intermediary, Manning Financial compares options across the Irish market and explains them simply, so you can decide with confidence.
- We get to know you and what you need.
- We compare options across the Irish market.
- We explain everything simply, without jargon.
- We review your plan as your life changes.
Common questions
How is income protection different from serious illness cover?
Income protection pays a regular income while you can't work. Serious illness cover pays a one-off lump sum if you're diagnosed with an illness listed in your policy. Many people have both.
I get sick pay at work. Do I still need it?
Check how long your sick pay lasts and whether your employer has a group income protection scheme. If your pay would stop, a policy whose deferred period ends when your sick pay does can fill the gap.
I'm self-employed. Can I get income protection?
Yes. It can be especially valuable when there's no employer sick pay to fall back on.
Is there tax relief on income protection?
You can usually claim tax relief on your premiums, and the income you receive is taxed as income. We'll explain how it applies to you.
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