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What Is An Income Protection Deferred Period?

how long before income protection kicks in

Before your income protection policy starts to pay out, you have to be unable to work for a certain period of time known as the deferred period.

The deferred period is also called

  • the waiting period
  • the excess period

So if you choose an 8 week deferred period, your income protection policy will start to payout once you have been unable to work for 8 weeks due to any illness or injury.

If you choose a 26 week waiting period, you will have to wait until you’re unable to work for 26 weeks before claiming.

What is the shortest deferred period for income protection?

Currently the shortest waiting period for income protection / permanent health insurance is 4 weeks.

Aviva Ireland and Royal London Ireland always offered a 4 week excess period.

Recently Friends First have joined them in paying out after just 4 weeks absence from work.

All other things being equal, you pay more in premiums for a shorter deferred period than a longer one.

deferred period 4 weeks

What is the longest excess period for income protection?

The longest waiting period for income protection is 52 weeks.

This is common to all of our insurers:

  • Aviva
  • Friends First
  • Irish Life
  • New Ireland
  • Royal London

With a 52 week period, you must be unable to work for 1 year before your policy kicks in.

This may seem a long time to wait but not when you hear the average time people are out on claim is 4 years.

I imagine you could somehow struggle through financially for 12 months…but imagine being out of work and not earning an income for 4 years.

Your premium for a 52 week deferred period is a lot more affordable than for a 4 week period.

Compare these quotes with the ones above:

You pay 3 times less for a 52 week deferred period compared with a 4 week deferred period.

So if affordability is an issue, don’t rule out a longer deferred period.

What waiting periods are available for income protection?

You can have a 4, 8, 13, 26 or 52 week waiting period if you are paying your premiums personally.

If your company or employer is paying the premiums, you can have a 1, 2, 3, 6 or 12 month deferred period.

Use our quote system to compare income protection quotes over various deferred periods.

Remember, the shorter the deferred period, the higher your quote will be.

Over to you…

Looking for more information on income protection, our income protection FAQ is a good place to start.

If you need some help, give me a quick outline using the short form below and I’ll be right back.

Or even, you know, pick up the phone and dial 05793 20836

I’d love an auld chat.

Nick McGowan | making life insurance easier

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Income Protection for the Self Employed

You and I have something in common.

Apart from being so damn pretty.

Like me, you’re self employed…(or unemployed and bored, why else are you reading this blog post?)

Like me, you’ve taken all the risk – maybe left a cushy role as an employee where where you had the comfort of knowing how much you would get paid every month. You left behind benefits like income protection and death in service. And you waved goodbye to illness benefit from the state should you get sick.

And, like me and “she that must not be named”, you may have felt like this just before you handed in your resignation:

Don’t know where to start?

Have a nose through our free life insurance guides

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