Income protection is a type of insurance policy that pays you a monthly income if you are unable to work due to an accident or illness. Income protection can help you protect your financial future and replace lost income during times when you would not be able to work.
Your income is a key factor in determining how much you would pay for income protection. If you earn more, you pay more; if you earn less, you pay less; and if your income is close to the average income in Ireland (which is approximately €34,000), then we’ll charge an average amount.
We use industry standard rates of interest to calculate what we call the cost of cover (the premium). These rates are set by law and known as statutory solvency margins or SMRs. They vary depending on the type of policy chosen and age at commencement but are typically between 4-6%.
