Compare Income Protection Insurance in Ireland

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What is income protection insurance in Ireland?

Income protection pays a regular replacement income if illness or injury stops you working for an extended period. Unlike a lump-sum policy, it provides ongoing payments, typically up to a percentage of your salary, until you recover, retire or the policy term ends. It is designed to keep your household running when you cannot earn, making it one of the most valuable protection products for working people.

How the Irish market works

Policies are sold by life and health insurers and through brokers and affinity schemes, often arranged via employers or professional bodies. Cornmarket and Arachas are prominent intermediaries, while Irish Life, Aviva, Royal London, Standard Life, LV= and Vitality underwrite cover. A distinctive Irish feature is that premiums generally qualify for tax relief at your marginal income tax rate, which materially lowers the net cost of cover.

Benefits

Replacement income — regular payments continue while you are unable to work due to illness or injury.

Tax relief — premiums typically qualify for relief at your marginal rate, cutting the real cost.

Cover to retirement — benefit can continue until you recover or reach your chosen retirement age.

Indexation options — many policies let benefits rise over time to keep pace with inflation.

How to choose

Decide the deferred period — how long you wait before payments start — which usually reflects your sick-pay and savings buffer. Choose a benefit level within the insurer's limits relative to your salary, and check whether the definition of incapacity is own-occupation or a broader test. Compare guaranteed versus reviewable premiums, confirm any exclusions for pre-existing conditions, and factor in the tax relief when comparing net cost.

Leading providers in Ireland

Irish Life, Aviva, Royal London, Standard Life and LV= are established underwriters of income protection, and Vitality offers cover with wellness incentives. Cornmarket and Arachas arrange scheme-based and individual policies, often for public-sector and professional groups, where group terms can improve underwriting and pricing.

What it costs

Premiums depend on your age, occupation, salary, chosen benefit, deferred period and health, so there is no single price. Higher-risk occupations and longer benefit periods cost more, while a longer deferred period lowers the premium. Because premiums generally qualify for marginal-rate tax relief in Ireland, the net cost is meaningfully lower than the gross figure quoted.

Protections and regulation

Income protection insurers and intermediaries are regulated by the Central Bank of Ireland under the Consumer Protection Code, which governs suitability, disclosure and claims handling. The Financial Services and Pensions Ombudsman can investigate disputes. State Illness Benefit may provide limited short-term support, but it is modest, which is why private income protection is widely recommended for earners.

Common questions

How much of my salary can I cover? — Insurers cap benefit at a percentage of earnings, taking account of any state benefits, so you cannot over-insure.

Do I really get tax relief? — Yes, qualifying income protection premiums generally attract relief at your marginal income tax rate.

What is a deferred period? — It is the waiting time before payments begin; a longer wait lowers your premium.

Income Protection Insurance in Ireland — FAQ