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Why You Should Consider Income Protection Insurance in Ireland

Income Protection Insurance

Last Updated on February 28, 2023 by

If you’re thinking about taking out income protection insurance, it’s important to know what you’re getting into. Income protection insurance can give you financial security should you become unable to work due to sickness or accident and help protect your loved ones if something happens to you. It also provides long-term cover that will still be beneficial even if you’re able to return to employment at some point in the future. However, there are many different kinds of policies available so it’s worth shopping around before deciding on one that works for your needs. Here are some things to consider when choosing an income protection policy:

It’s cheaper than you think

  • Cost: Income protection insurance is cheaper than you think. In recent years, the cost of income protection insurance has come down as insurers have become more competitive and as they’ve been able to reduce costs by using technology. The amount you pay for your income protection policy depends on a number of factors, including how much money you earn per year, your age and whether or not you smoke. For example, if two people both earn €45k per year but one smokes while the other doesn’t, they will likely pay different amounts for their policies (even though they’re both earning exactly €45k). However, how much more expensive it will be depends on which insurer offers the best deal to each person – so make sure that you shop around!

Income protection is the most comprehensive kind of insurance

Income protection ireland is the most comprehensive kind of insurance and offers a guaranteed monthly income in the event that you are unable to work due to accident or sickness. Unlike life or critical illness insurance, it does not pay out a lump sum on diagnosis with an illness but rather provides a regular income if you are unable to work as a result of your condition.

This type of policy is available to anyone regardless of age, gender or health history and will continue paying out until you reach retirement age as long as you comply with all terms set out by your provider (such as paying your premiums on time).

You should consider an income protection policy of some sort if you have dependents or a mortgage

If you have dependents, such as children or a spouse, you should consider income protection insurance. This type of insurance pays out a monthly income if you are unable to work due to illness or injury. You can get income protection insurance if you are self-employed, employed and even as an employee in certain circumstances.

You can also get income protection when it comes to mortgages on your house (or any other property) if it has been used as collateral for the loan taken out from the bank. If this happens then there is no option but to sell your home and repay the outstanding balance at once because otherwise the bank will foreclose on this property because it is undervalued by its current market value compared with how much money was borrowed against it (which could be several times higher).

As with any insurance policy it can be difficult to get cover if you have health issues

However, it is also important to remember that if you have pre-existing medical conditions, you may be refused cover or have to pay more for your income protection insurance policy. If this is the case, then it is worth checking with your employer if they offer any other benefits such as occupational health services or private medical insurance which could help mitigate the costs of managing your condition. In some cases though, no matter what support services are available in Ireland – people will still struggle financially and need additional financial assistance in the form of an income protection insurance policy.

The cost of an income protection policy will depend on your age, occupation, and whether you smoke or not.

The cost of an income protection policy will depend on your age, occupation and whether you smoke or not.

Age: If you’re young and healthy, the premium is likely to be much lower than if you are older or less fit.

Occupation: The kind of job you have will determine how risky it is for the insurer and therefore how much they charge for a policy. For example, if your job involves heavy lifting it may be considered more dangerous by insurers than one that involves sitting at a desk all day, so they would charge more for your cover.

Smoking: Like most types of insurance policies, smoking can increase the cost of premiums due to increased risks associated with smoking such as lung cancer and heart disease.

The benefits of income protection insurance are many, but you should still shop around for the right cover at the right cost.

Income protection insurance is a form of insurance that guarantees you a specified monthly income in the event that you are unable to work due to illness or injury. It can be taken out on your own or via an employer, and it’s designed to help cover some of the costs associated with your inability to work, such as mortgage payments and utility bills.

Income protection insurance ireland is important because it helps ensure that individuals who suffer from an illness or injury are able to continue to live comfortably without having their quality of life compromised by financial concerns. The benefits of income protection include:

  • A guaranteed monthly payment if you’re unable to work due to illness or injury
  • Coverage for lost wages if someone dies unexpectedly (i.e., through accident)


As you can see, there are many benefits to income protection insurance. It can help to provide a safety net for you and your family in case of illness or injury, and it gives you peace of mind during difficult times. However, it’s important that you shop around for the best deal on this type of protection – just like any other insurance policy. There are many different providers out there offering different levels of cover at different prices so make sure you do your research before committing yourself to one provider or another!

Apart from this if you are interested to know more about Health Insurance Policy then visit our health category.