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Income Protection

Income Protection provides you with a regular source of income if you’re forced to be out of work due to illness or injury.

Under this type of cover, the payment would normally start once you’ve been off work for a certain length of time. This is known as the deferred period.

You would continue to receive the payment until you have recovered and are fit to return to work or until your chosen retirement age.

How much of my income can I protect?

Policy holders can set the amount that they would like to be insured for but the maximum benefit is 75% of your annual salary (less the State Illness Benefit, which is approximately €10,000). The State Illness Benefit is not paid to the self-employed.

The limits on the maximum income level that you can cover vary between insurance companies but generally speaking it’s up to 75% of the first €125,000 of your salary plus 33% of the balance, minus the State Illness Benefit. This is subject to an overall maximum of around €175,000 - €250,000.

Changes to the Amount of Cover

In the event of a claim the insurance provider will pay out based on your actual earnings (not the level of cover you’re insured for) so it’s important to go over your policy frequently to make sure you’re appropriately insured.

Does my occupation matter?

Yes. Not all occupations are covered. Certain jobs, particularly those that have a degree of occupational risk (e.g. working with hazardous materials or in potentially dangerous spaces) might not be coverable. Contact us for more information.

What our clients think

I spoke with a few different brokers but Gallivan Financial were head and shoulders above the rest.

Tom, Dingle

Fergal couldn’t have been more helpful. A pleasure to deal with.

Michael, Killarney

I was worried that the whole process was going to be stressful but the team at Gallivan Financial really put me at ease.

Breda, Kildare

Exceptional customer service. Would definitely recommend to a friend.

Paul, Cork

I’m really happy with the terms of my policy.

Anne-Marie, Dublin

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