Income Protection Calculator Ireland | How To Get An Income Protection Quote

how to get an income protection quote

Where can I find the best income protection calculator?

So you’re looking for an income protection calculator are you?

Well, you’ve come to the right place because we’ve made it ridiculously easy to get a quote.

Introducing our improved income protection quote machine.

Here’s what it looks like:

Now I’ll go through the quote system step by step to show how easy it is to get a quote…

Date of birth

I’m sure you can figure out your own DOB

Smoker

If you’ve smoked tobacco in the last 12 months, you’re a smoker.

If you’ve used e-cigarettes or any nicotine replacement, you’re also a smoker.

How much income can you insure?

If you’re an employee:

You can insure up to 75% of your before-tax income less €10,556 (state illness benefit).

So if you earn €50,000, you can insure:

75% x 50,000 = €37,500

€37,500 – €10,556 = €27,464

You can insure up to €27,464 per year or €2,288 per month.

Therefore if you’re unable to work, the insurance company will provide you with a taxable income of €2,288 per month until you get back to work or your policy ends.

If you’re self-employed:

You’re not entitled to any illness benefit so you can insure up to 75% of your before-tax income.

If you earn €50,000, you can insure up to €37,500 (€3,125 per month)

So if you’re unable to work for a certain period, the insurance company will provide you with a taxable income of €3,125 per month until you get back to work or your policy ends.

Take a minute and work out how much you can insure.

Ready…good.

Let’s continue!

Step 2 : How does my occupation affect the cost of income protection?

 

Examples of Class 1 Occupations:

Examples of Class 2 Occupations:

  • Building Foreman
  • Physiotherapist
  • Chef
  • Dentist

Examples of Class 3 Occupations:

  • Care Assistant
  • Nurse
  • Electrician

Examples of Class 4 Occupations:

  • Carpenter
  • Builder
  • Plumber

Now take note of your occupation class.

Excellent, let’s go!

Step 3 How long do you have to be out of work before income protection pays out?

On our income protection quote machine, you can choose various deferred/waiting/absence from work periods namely

The longer the deferred period, the lower the premium.

So if you choose a 4 week deferred period, your policy pays out after 4 weeks absence from work.

If you choose a 26 week deferred period, you must be out of work 26 weeks before you receive a payout.

That may seem a long time to wait…but what if I told you the average length someone is out on claim is 4 years.

I’m sure you could somehow muddle through without an income for 26 weeks.

Imagine having to survive for 208 weeks without an income…

So what deferred period should you choose?

Check how long your employer will pay you.

Have your policy kick in when your sick pay ends.

Some people take savings into account but I wouldn’t.

Think about it, what are you saving for?

It’s not to replace your income if you can’t work, you can buy income protection for that 😉

I’m sure you’re saving for something else, something more enjoyable, a holiday perhaps or a new car.

Keep your savings for the finer things in life.

So you now know how much you can insure, what class your occupation is and when you’d like your policy to pay out, the next step is to use those details and…

Go get an income protection quote

I’ll wait for you.

Ready?

Nice one…let’s look at your results page.

Your income protection quotes page

So, you now have your quote, you’ll see a results page showing what you have to pay per month for your cover.

But remember you get tax relief at 20% or 40% depending on whether you earn less than or more that €33,800 per year.

Assuming you pay 40% tax and using the cheapest quote below of €45.99

This means the net cost of your income protection is just €27.59 per month.

If that’s clear as mud, give me a shout on and I’ll try and explain it more clearly!

income protection quotes

Reviewable means the insurer fixes your premium for the first 5 years but can review and increase your premium after 5 years.

Here’s a more in-depth article on reviewable income protection.

With guaranteed quotes, the provider fixes your premium for the life of your income protection policy.

What to do now?

If your initial quote is too high, hit the back button and re-quote:

This will reduce your quote to a more affordable level.

Some income protection is better than no income protection.

Who has the best income protection?

For ages, there were only two providers of income protection in Ireland: Friends First and Irish Life.

Then came New Ireland, soon followed by Aviva.

In 2016 Royal London joined the party.

2019 saw Aviva takeover Friends First so we’re left with 4 income protection providers.

Who offers the best benefits on their income protection policies?

Price is important but as important are the ancillary benefits the insurers offer.

If you’re out sick, you’ll soon want to get back to work due to sheer boredom.

So I wrote an article comparing the back to work benefits of income protection.

Over to you…

I hope you find our quote machine helpful…and easy to use.

 

 

There’s a lot to consider with income protection so please take independent advice.

Everyone’s circumstances are different so the job of an adviser is to tailor a policy to your specific needs.

The benefits of speaking with an adviser are as follows:

1. Help you select the right policy options
The adviser will find out about your income needs, outgoings, expected retirement age, sick pay and savings in order to tailor the policy options to you.

2. Compare the various insurers 
The best insurer for you depends on your occupation, business travel, health, smoker status and hobbies, so an adviser’s role is to find you the best terms across all insurers.

3. Access more insurers
Make sure you user an advisor who has excellent relationships with all 5 insurers…and doesn’t place all their business with just one insurer.

4. Saves you time
A specialist protection adviser will know all the policy terms inside out and can therefore talk you through all your options, saving you hours of research.

There are a lot of benefits to speaking with an income protection specialist and the best part is their advice is usually free.

You see the adviser is paid a finder’s fee by the insurer for placing business with them, and the premiums are the same, if not less than going direct.

If you don’t have an advisor, I’m here for you.

Complete this short income protection questionnaire and I’ll be right back with a personalised recommendation.

CALL ME BACK

Chat soon

Nick

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Get in touch

057 93 20836

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As Ireland's leading independent insurance broker, we specialise in comparing the rates and policies from the top five Irish life insurance providers and offering the very best value quotes to suit the individual needs of our clients. Our expertise lies in finding a suitable insurance plan for those with specific needs, be it a particular illness, occupation or claim history, we've got you covered in every sense!

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