Income Protection for Accountants in Ireland - Lion.ie
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Income Protection for Accountants in Ireland

Editor’s Note: First published May 2022  |  Fully refreshed July 2025 with up‑to‑date insurer comparisons, pricing, and tax relief guidance specifically for accountants.

Income Protection for Accountants in Ireland

You’re an accountant. You’re good with numbers. You help your clients avoid tax disasters, sort their pension mess, and sometimes even remind them that yes, invoices need to be paid.

But what happens if you can’t work?

Whether you’re self-employed or part of a firm, your income is the engine behind your lifestyle — mortgage, bills, school runs, the occasional overpriced flat white.

Lose that income due to illness or injury, and suddenly the spreadsheets start looking a bit grim.

That’s where Income Protection steps in.

Why Accountants Need Income Protection

You might not be digging holes in the rain, but sitting behind a desk doesn’t make you invincible. Stress, burnout, back issues, or more serious conditions can knock anyone off course.

Income protection pays you a monthly replacement income (up to 75% of your gross earnings) if you can’t work due to illness or injury. You’ll keep the lights on and the kids fed, without having to dip into savings or flog the Audi.

And here’s the part most accountants love…

Yes, It’s Tax-Deductible

You know this already, but just in case you’ve had a long week:

Income Protection is one of the few personal insurance policies that qualifies for full tax relief.

If your premium is €100/month and you’re on the 40% tax band, it only costs you €60/month net. That’s a small price to pay for peace of mind — and far cheaper than losing your income altogether.

Case Study: David, Chartered Accountant, Age 42

David runs his own accountancy practice. Like most self-employed people, he gets no sick pay. In 2023, he was diagnosed with a prolapsed disc in his lower back and couldn’t sit for more than 10 minutes without pain.

He had income protection with a 4-week waiting period.

After 4 weeks off work, he had a valid claim (but it took 7 weeks before his GP had all the paperwork ready and the insurer started paying out €3000 per month).

Pro tip: If it looks like you’ll be off work longer than your deferred period, don’t wait — start the claim process early. Getting the paperwork sorted can take time.

David needed spinal injections and months of physio, and he wasn’t back working full-time for almost 9 months. His policy kept his practice afloat so he could pay his mortgage and childcare bills without having to dip into savings.

I spend all day telling clients to limit their risk. This policy saved my arse. I’d have been in serious trouble without it.

Best Insurers for Accountants

Accountants are seen as low-risk, so you’re in the cheapest occupation class with every insurer. You’re not climbing ladders or chasing cows — you’re mainly at risk of spreadsheet-induced migraines.

We’ll show you quotes from all 5 insurers in Ireland.

Same cover, similar benefits — but wildly different prices.

You don’t need to guess who’s best.

Just ask us.

👉 Complete this short questionnaire and we’ll send personalised quotes — no sales guff, no calls unless you want one.

What Does It Cost?

Mark, age 40, accountant and director of a limited company, earning €80,000, wants €4,000/month cover with a 13-week waiting period.

Cost to the company : €140 per month

The company can claim tax relief.

And there is no BIK for Mark.

He will get cover right up to retirement — and if he never claims, happy days.

But if he does need it, it’ll be the best money he has ever spent (apart from maybe that first house in 2011).

Self-Employed vs PAYE: Does It Matter?

It does — but not in a bad way.

If you’re self-employed, you get zero sick pay from the State, so income protection is a no-brainer.

If you’re employed, check your sick pay policy. Most firms offer 4–13 weeks. After that, you’re on your own — which is why we match the deferred period on your policy to kick in when your employer pay stops.

What about Serious Illness Cover?

They sound similar, but they’re very different. Here’s how they compare:

Income Protection Serious Illness Cover
Covers any illness or injury that stops you working Only covers illnesses specifically listed in your plan
Covers stress, burnout, and back pain (most common claims) Usually excludes stress or back pain unless extremely severe
Pays a monthly income while you recover Pays a once-off lump sum on diagnosis
Cover lasts to retirement if needed Policy ends once you claim
Premiums qualify for tax relief at your marginal rate No tax relief on premiums (but payout is tax-free)
You can claim multiple times as needed You can only claim once

 

Bottom line: Serious Illness Cover helps in a crisis, but Income Protection helps you survive financially while you recover. For most accountants, it’s the smarter long-term safety net.

How to Apply Without Losing the Will to Live

Forget paper forms or waiting for the bank to call you back.

At Lion.ie, we specialise in sorting cover for professionals like you — quickly, privately, and with zero faff.

  • Quotes from every insurer
  • No email or phone required to get started
  • We help with tricky medical histories or self-employed quirks

Let’s Wrap This Up

You protect your clients’ finances. Now protect your own.

Income protection is:

  • Tax-deductible
  • Affordable
  • Flexible
  • And 100% essential if you rely on your income
And it’s not just about the monthly payout.
Income protection can also cover rehabilitation, retraining, and recovery support — things your savings might not even stretch to – you wouldn’t believe the costs involved.

Think of it as the insurance version of balancing your own books — and avoiding a personal cash flow crisis if the worst happens.

Ready to see your options?

👉 Complete this short questionnaire — takes 2 minutes

Or email me directly: nick@lion.ie

Thanks for reading

Nick

Income Protection Insurance
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