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As a doctor, you see every day how life can take unexpected turns. The same could happen to you. One day you’re in the operating room or consulting with patients, the next you could be sidelined by illness or injury.
Income protection is your financial safety net in these situations. It helps you maintain your lifestyle and cover expenses while you focus on recovery.
Income protection insurance is your financial backup plan. If any illness or injury stops you from doing your job as a GP or consultant, it pays you up to 75% of your regular earnings until you’re fit to return to work.
You might be thinking this sounds like critical illness cover? Not quite. Critical illness cover pays out a one-off lump sum if you’re diagnosed with a specific illness listed on the policy. Income protection covers any illness or injury that prevents you working, paying you a steady income until you’re back on your feet.
The demanding nature of your work means even a minor health issue can impact your ability to earn. While public sector roles may offer some sick pay, it often isn’t enough if you’re out long-term.
Income protection steps in where sick pay falls short. Did you know the average claim lasts 7 years? And Aviva has been paying one client’s claim for over 30 years. That’s the level of long-term security you’re looking at.
Many doctors take a year abroad for a fellowship — often in the UK, Australia, Canada or New Zealand. Here’s how your policy works if you do:
One more thing: while you’re abroad you won’t be able to claim Irish tax relief on premiums. So the safest play is usually to keep your policy in place, even while you’re away.
When shopping around, here are the main features to watch:
Essential for specialists. If you can’t do your specific role (say, as a surgeon or consultant), you still get paid. All our recommended policies are “own occupation”, not “any occupation”.
This is the wait time between stopping work and your benefit kicking in. You can choose 4, 8, 13, 26 or 52 weeks. The idea is to match it to when you’d start to feel a financial pinch.
How long your policy lasts. You can set a ceasing age between 55 and 70. We recommend at least 65.
Guaranteed (fixed) premiums stay the same for the life of the policy. Reviewable premiums start cheaper but can rise over time. We usually recommend guaranteed for certainty.
As your income grows, your cover should too. Some insurers are more flexible than others — worth checking before you sign up.
Choosing the right policy isn’t about finding the cheapest — it’s about the right fit. Think about:
Dr. M: A self-employed consultant unable to work after a serious road accident. With no employer sick pay or state benefits, her income would’ve dropped to zero. Her income protection paid 75% of her salary and gave her access to rehab benefits.
Dr. R: A young GP diagnosed with Progressive MS. Alongside state illness benefit (€12,064), her policy ensured financial stability. Since she may not return to practice, she plans to use the retraining benefits her policy offers.
Both were perfectly healthy when they applied — neither thought they’d ever need it. That’s the point.
Premiums are tax-deductible. If you pay tax at 40%, your policy effectively costs 40% less. For example, a €200/month premium costs you just €120/month after relief.
Claiming the relief is straightforward — here’s our step-by-step guide.
Yes. HSE sick pay is limited, and private practice doctors often have no sick pay at all. Income protection fills the gap when sick pay runs out.
If you’re in Europe, your cover still works. Outside Europe (e.g. Australia, Canada, New Zealand), benefits are only paid for 13 weeks unless you return to Europe. You can’t pause the policy, and cancelling is risky — premiums will be higher and medicals stricter if you reapply later.
You can still get cover, but the insurer may add an exclusion (for example, “no back-related claims”). Each insurer treats conditions differently, so it’s worth shopping around.
Seven years. That’s a long time to keep a household afloat without cover.
Up to 75% of your gross income, minus the State Illness Benefit if you’re entitled to it.
Yes, at your highest rate of tax. For most consultants and GPs, that’s 40%.
As a doctor, you know prevention beats cure. You can’t prevent illness or injury, but you can protect your income against it.
Income protection isn’t just about money — it’s about peace of mind. It means that if the unexpected happens, you can still support your family and keep your lifestyle without added financial stress.
If you haven’t already, now’s the time to seriously consider it.
Next steps:
Thanks for reading,
Nick | Income Protection Specialist, lion.ie
As Ireland's leading life 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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