Cost depends on your Age, Income, health, occupation and the benefits you choose. Payments on your plan are eligible for tax relief at your marginal rate of tax.

It pays you a regular monthly income, replacing some of your earned income. Cover continues until the plan ends or you return to work.

Cover is limited to:

• The maximum benefit payable is now €250,000, previously this was €150,000. Benefits paid are less any State benefits or other income protection plans.
• The maximum benefits payable is 75% of total yearly earnings, less any State benefits or other income protection plans.

Your medical bills may be covered by your health insurer or by the HSE, but how will you pay your other bills while you’re being treated or recovering from injury? Income Protection can give you a regular income until you get back on your feet.

Paying the bills

Our research shows that a 30-year-old person is more likely to be off work due to illness or injury for a long period than to die before they reach the age of 65. If you had to give up work due to illness or injury, you would still have to pay your regular bills, such as mortgage and loan repayments and household expenses.

Unexpected costs?

However, you would also likely have the additional financial burden of extra medical costs, so your total amount of bills could increase. With this in mind, could you maintain your current standard of living while you were out of work? If the answer is no, you need income protection

Income protection provides you with a regular income, which is paid out if you cannot work due to an illness or injury. It is meant to replace some of your earned income if you can no longer earn an income yourself – making sure that you can still enjoy a comfortable standard of living.

You can take out income protection if you are in full-time work or are self-employed and earn an income. It protects you only in these circumstances – it will not be paid if you become unemployed.

This plan does not provide any protection against unemployment.

Statistics show that a 30-year-old person is more likely to be off work due to illness or injury for a long period than to die before they reach the age of 65. If you had to give up work due to illness or injury, you would still have to pay your regular bills, such as mortgage and loan repayments and household expenses.

However, you would also have the additional financial burden of extra medical costs, so your total amount of bills could increase. With this in mind, could you maintain your current standard of living while you were out of work? If the answer is no, you need income protection.