This really depends on your individual circumstances combined with factors like your age on application, your job class, and other insurance you may have.
If you’re relatively young when you take out Income protection Ireland and your job is low risk, it can offer peace of mind at a reasonable monthly cost. However, if your job is in a high risk class, you’re a smoker, or you have a poor medical history, your premiums are likely to be steep so you’ll need to weigh up your need vs affordability.
Two big positives are that income protection isn’t limited to specific illnesses like with serious illness cover and you can make multiple claims on the same policy.
It’s worth comparing other types of insurance that can offer financial support too though and checking what other cover you may already have. Our guides on the following types of cover are a good place to start:
• Mortgage protection insurance • Life insurance • Critical illness cover
Can I get back any of the premiums I’ve paid? No, it isn’t a savings plan so you can’t cash your premiums in. You must also maintain your payments for as long as you need protection. If you stop paying your premiums, you won’t be eligible to claim.
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