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You are here: home » ask underwriting » income protection and underwriting

Income protection

Income protection provides the plan holder with a regular income which is paid if they are unable to work due to illness or injury. It is meant to replace some of their earned income if they are unable to earn an income themselves, helping to ensure that they may still enjoy a comfortable standard of living. A client can take out income protection if they are in full time work or are self-employed and earn an income. This plan does not provide cover for unemployment.

Irish Life's claims reputation

Irish Life is the largest provider of income protection in Ireland with over 250,000 people insured.  In 2010, Irish Life paid income protection benefits to over 2,100 policyholders, with a total annual payment of over €50,000,000. Over 90% of all claims are paid promptly and with a sensitive approach. We also have a number of health claims advisers who visit claimants at home, and extensive medical rehabilitation programmes including:

Cancer rehabilitation
Career change
Inclusion
Mental health rehabilitation
Springback programme
Documentation based care (advanced care physiotherapy treatment)
Talent fusion

Our company and personal Income Protector plans offer many new and enhanced features, including:

• Calculation of benefits now simplified to 75% of total earnings
• Maximum benefit increased to €250,000 pa (less social welfare or income from other sources, if applicable)
• Standard definition of incapacity is on an  'own occupation' basis; i.e., where the life assured is totally unable to carry out the duties pertaining to their own occupation by reason of total disablement arising from bodily injury or sickness, and is not following any other occupation.
• Plan holders no longer required to advise Irish Life of any change in occupation.

A guide to calculating the maximum level of income protection:

1. 75% of total earnings p.a.
2. Less state disability benefit, if applicable.
   €9,776 for a single person
   €16,265.60 with adult dependent
3. Maximum level of cover on one individual €250,000 p.a.

It is important to discuss any income protection queries you have with underwriting. You can contact underwriting directly by telephone on 01 704 1888 or by email at ask.underwriting@irishlife.ie

More information

• Income protection – guide for financial advisers