Most people don’t expect to lose their income. But if illness or injury forced you to stop working tomorrow, how would you manage? What happens when the payslips stop, but the bills don’t?
That’s where income protection comes in. It’s not about expecting the worst — it’s about giving yourself options if life takes an unexpected turn.
What Exactly Does Income Protection Do?
If you’re signed off work due to illness or injury, income protection provides a backup income. It pays out a portion of your earnings while you’re unable to do your job — not as a lump sum, but as ongoing monthly payments.
These payments continue either until you’re well enough to return, the policy reaches its end date, or you reach retirement — whichever comes first. It’s there to keep the essentials covered when regular wages stop.
Who Can Take Out Income Protection in Ireland?
To be eligible for an income protection policy, you need to be:
- Working more than 16 hours per week
- Either employed or self-employed
If your lifestyle or financial commitments depend on you working consistently, this cover offers reassurance that you’ll still have an income — even if your health takes a turn.
Most People Don’t Think About It — Until They Need It
We all want to believe we’ll stay healthy. But illness doesn’t check schedules. Even people in their 20s or 30s, fit and active, can suddenly find themselves unable to work.
According to Aviva’s 2024 Protection Claims Report, 53% of male income protection claims and 61% of female income protection claims came from those under 50.
And here’s the problem — once something does happen, it’s too late to put cover in place. That’s why it’s worth acting while you’re healthy, and the option is available to you.
What About the Waiting Period?
Income protection policies don’t start paying out right away. There’s always a delay, known as the deferred period. It’s the gap between your last working day and the first payment.
You choose how long this period lasts when setting up the policy. It could be 4 weeks, 13 weeks, 26 weeks or even longer. A longer deferred period usually means a lower premium, but you’ll need enough savings to carry you through that time.
When Do People Usually Consider Income Protection?
People often look into this kind of policy when they realise:
- Missing even one or two months of pay would cause financial strain
- They don’t have long-term sick pay through their employer
- They’re self-employed and rely solely on themselves to earn
- They have children or other dependants who rely on their income
If losing your income would put pressure on your household, income protection deserves attention.
What Are the Main Benefits?
Being unwell is hard enough on its own. Worrying about money while trying to recover only makes it harder. With income protection, your bills can still get paid, and you won’t need to dip into savings or take on debt to stay afloat.
Having a plan in place removes one big source of stress — and gives you time and space to focus on your health.
Need Help Getting Started?
At Rockwell, we help people build smart, flexible financial plans — and income protection is often a key part of that. We’ll talk through your needs, explain the options clearly, and help you make a choice that fits your life and budget.
There’s no pressure. Just advice you can use, from financial advisors who’ve helped thousands of others do the same.
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