Income Protection Designed Around Your Life
Secure your earnings and protect your future with advice tailored just for you.
Understanding Income Protection in Ireland
Income Protection in Ireland is a regular income paid to you in the event you’re unable to work due to illness or injury whilst employed. To be eligible for income protection, you must either be in full-time work or self-employed.
At GSB Capital, we don’t treat income protection as a one-size-fits-all product. Instead, we help you find the right cover for you, with any plan designed around your specific needs. As with our Wealth Management and Pension Planning guidance, we share your goal of wanting the best Income Protection insurance Ireland has to offer. This is important because, under special circumstances, Income Protection can end up playing a crucial role in your life.
Income Protection is also a smart move in terms of securing your financial future and gaining peace of mind. Should Income Protection be of interest to you, contact GSB Capital today.
What You Should Know About Income Protection
Income Protection is a form of insurance that provides you with financial support should you be unable to work due to illness or injury. It covers up to 75% of your total pre-tax earnings as well as any illness benefit you may be receiving.
Deferral Period
Income Protection provides benefits paid out after a deferral period (time you’re unable to work) which can range from weeks to months. The longer you wait, the lower your premium. However, should this deferral period lapse, your benefit will begin to be paid out weekly or monthly. Furthermore, you won’t have to pay a premium while your Income Protection benefit is being paid out.
Policy Types
It’s important to note the difference between Income Protection, Serious Illness Cover and Life Insurance as these often become intertwined with each other:
Income Protection: This provides regular payments should you be unable to work due to illness or injury.
Serious Illness Cover: This provides a lump sum if you’re diagnosed with an illness stipulated in your policy.
Life Insurance: Life Insurance provides a lump sum to your beneficiaries in the event of your death.
Costs and Premiums
Your Income Protection premium will depend on several factors, including your age, general health, job and the level of coverage you want. You can claim Income Protection tax relief at your marginal rate of tax, which will be either 20% or 40% depending on how much you earn. So, if you pay 20% tax, you can claim back 20% of your Income Protection premium. Overall, you can receive up to 10% of your total income for a given tax year.
Could You Benefit from Income Protection?
Income Protection insurance in Ireland is important for anyone who wants to ensure they can afford general expenses in the event they’re unable to work.
This applies to:
- Self-employed individuals
- Contractors and freelancers
- Business owners
- Employees with limited sick pay
- Primary earners in a household
Income Protection insurance for self-employed people, etc., acts as a safety net, as receiving 75% of your regular wage is crucial during a spell of illness or injury. To add further importance, Income Protection is vital to those who are providers for dependants, those with a spouse or children. It’s important to maintain a standard of living, to cover bills and other costs, and to provide financial security that relieves everyone of stress while the injured or unwell party recovers. As you can imagine, falling ill or sustaining an injury without having Income Protection can lead to a difficult period for a person and their family.
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Trusted Expertise
Meet the Experts Behind Your Financial Future
Senior Financial Advisor
Sam is a Qualified Financial Advisor with an MSc in Finance and membership in the Institute of Bankers. He uses retail banking and risk expertise to create strategies aligned with GSB’s values and evolving market trends.
Senior Financial Advisor
Shaunna is a Certified Financial Adviser in Ireland and an LIA member. She creates tailored strategies for clients worldwide, embracing innovation and staying current with trends, reflecting her commitment to clients.
Senior Financial Advisor
Ben is a Financial Accountant and fully qualified International Financial Planner. With experience in Banking and Wealth Management, he helps clients navigate all areas of financial planning.
Tailored Income Protection Advice
At GSB Capital, we treat each new case on its own unique merits whilst never forgetting the human element. That’s because we understand how cover such as Income Protection can seem difficult to navigate, that premiums and risk factors are often too much for those who already live busy lives.
To help us find the best Income Protection Ireland has to offer, we’ve established a tried-and-tested process that follows three steps:
Client First Approach
Our experienced financial advisors will evaluate your income, lifestyle, career stability and financial goals to find the best salary protection in Ireland for you.
Independent Advisors
As independent insurance providers, GSB Capital is free to create tailored plans that recommend only the best options suited to you.
Full Support
We know that trying to understand Income Protection can seem like a daunting task. That’s why our advisors will help you grasp your policy features, its costs and the value it offers.
Income Protection: The Missing Piece in Your Financial Plan
Income Protection is clearly an important safety net for people in employment. Not only does it show its worth when a person suffers an illness or injury, it provides a means of supporting dependants, too.
The best Income Protection in Ireland will also integrate with your broader financial plan. It does so by aligning with other financial elements such as pension planning, life insurance and your emergency savings. Income Protection guards your savings and investments by providing a continued income, and it also helps with mortgage repayments and utility bills. Furthermore, Income Protection will safeguard your pension planning goals as it will contribute to your regular payments, and the same solution can be applied to life insurance.
As you can see, salary protection insurance in Ireland is crucial to maintaining your risk and Wealth Management. Having it in place provides assurances when you’re unable to work, and beyond that it grants you the peace of mind to know everything is taken care of while you recuperate.
Income Protection FAQs
Income Protection cover in Ireland provides for up to 75% of your total pre-tax earnings as well as any illness benefit you may be receiving. You will receive regular payments until you’re able to return to work, or until the age of 65.
Yes, Income Protection for self-employed people in Ireland can be obtained. Income Protection plays an important role in this scenario as you have no employer to rely on should you fall ill or sustain an injury. You may also have a spouse or children, dependants who rely on your income to cover general costs and maintain a certain standard of living.
You can claim tax relief on Income Protection at your marginal rate of tax, which will be either 20% or 40% depending on how much you earn. So, if you pay 20% tax, you can claim back 20% of your Income Protection premium. In a given tax year, you can receive up to 10% of your total income.
Several factors affect the Income Protection insurance cost in Ireland. Among the considerations are:
- Age
- Job
- Health
- Medical history
- Deferral period
Whether you’re a smoker and the hobbies you enjoy are also factored into your Income Protection assessment. For instance, if you undertake a high-risk activity each weekend, such as motor sports or aviation, your risk level will be noted. This, in turn, will impact your premium and in certain cases, should the risk you present to the insurance provider be too great, your application for Income Protection could be declined.
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