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What Is Income Protection?

What Is Income Protection?
Income protection is an insurance policy that replaces a portion of your income if you cannot work due to illness or injury.
It is designed to provide a regular monthly payment so you can continue to cover essential bills while you recover.

How Income Protection Works
Income protection provides a monthly benefit if you are medically certified as unable to work. Here’s the basic process:
1. You choose the level of cover (usually up to 75% of your income).
2. You select a deferred period (the waiting period before payments begin).
3. You pay a monthly premium.
4. If you are unable to work due to illness or injury, the policy pays out until you recover or reach the end of your benefit period.
It’s designed to replace part of your income , not all of it, but enough to keep your financial life on track.

What Does Income Protection Cover?
Income protection covers any illness or injury that keeps you from performing your job – not just a specified list. For example it generally covers:
• Illnesses that prevent you from working
• Injuries that stop you performing your job
• Long-term or serious medical conditions
• Mental health conditions
• Recurring or chronic conditions
• Partial claims in some cases (if you return to work part-time)

What Does Income Protection Not Cover?
Most income protection policies do not cover:
• Redundancy or unemployment
• Self-inflicted injuries
• Normal pregnancy or maternity leave
• Short-term absences within your chosen deferred period

How Much Income Can You Protect?
Most insurers allow you to cover up to 75% of your pre-tax earnings, minus state illness benefit if applicable, to a maximum salary of €350,000.
For example:
If you earn €3,600 per month:
• 75% = €2,700
• Less state illness benefit (if applicable)
• Your policy might cover around €2,200–€2,500 per month
This ensures your essential expenses are protected.

How Long Does It Pay Out?
The policy will pay out until recovery, return to work or your chosen retirement age. The retirement age is chosen at the outset of the policy.

What Is a Deferred Period?
The deferred period is the time between the day you stop working and the day payments begin.
Common deferred periods:
• 4 weeks
• 8 weeks
• 13 weeks
• 26 weeks
• 52 weeks
A longer deferred period usually means a lower premium.
Example:
If your employer provides 3 months’ sick pay, a 13-week deferred period often makes financial sense.

Who Should Consider Income Protection?
Income protection may be especially useful if you:
• Rely on your salary to pay monthly bills
• Are self-employed
• Have a mortgage or rent to cover
• Have dependants
• Don’t receive employer sick pay
• Want long-term financial security
• Have savings that wouldn’t last long
• Would struggle financially if your income stopped
If being out of work for months would impact you financially, income protection can provide essential stability.

Example Scenarios
Example 1: Self-employed worker
A self-employed graphic designer breaks her arm and cannot work for 10 weeks.
Her policy has an 8-week deferred period.
Outcome: She receives 2 weeks of income protection payments until she returns to work.
Example 2: Employee with limited sick pay
A full-time employee receives 6 weeks’ sick pay from their employer.
They choose an 8-week deferred period.
If they develop a long-term illness, the policy begins paying from week 9.
Example 3: Long-term illness
A teacher is diagnosed with a condition that prevents them from working for 2.5 years.
Their policy pays out monthly until they return to work — because it includes long-term cover.

Income Protection vs. Serious Illness Cover

Feature	Income Protection	Serious Illness Cover
Type of payout	Monthly income	One-off lump sum
Trigger	Unable to work due to illness/injury	Diagnosis of a listed condition
Duration	Until recovery or end of claim period	One payment only
Best for	Replacing income	Covering extra costs or debts

These products are complementary — not interchangeable.

Income protection provides financial stability when illness or injury stops you from working. It replaces a portion of your income so that essential bills continue to be paid while you focus on recovery. With flexible benefit periods, deferred periods, and coverage options, it can be tailored to suit different needs and budgets.

Want to learn more about Income Protection check our FAQs Page

When Should I Apply for Life Insurance?

When to apply for Mortgage Protection in Ireland – Beat The Bank guide with 3D character and laptop

What is Life Insurance?

What Is Life Insurance?
Life insurance is a simple way to protect the people you love.
If you die during the term of the policy, it pays out a tax-free lump sum to your family.
That money can be used for anything they need; like paying the mortgage, covering bills, or keeping life on track at a very difficult time.
It’s often one of the most important pieces of financial protection a family can have.

How Does Life Insurance Work?
Life insurance works in a straightforward way:
1. You choose the amount of cover (how much money would be paid out).
2. You choose how long you want the policy to last (the term).
3. You pay a monthly premium.
4. If you pass away during that term, the insurer pays the lump sum to your chosen person or people (your beneficiaries).
That’s it; simple and clear.

What Can Life Insurance Be Used For?
People usually put life insurance in place to protect things like:
• Mortgage repayments
• Everyday bills and household costs
• Children’s expenses (school, childcare, activities)
• Future financial support for a partner or dependants
• Funeral costs
It creates financial stability at a time of emotional stress.

Who Needs Life Insurance?
You may want life insurance if:
• You have a partner who relies on your income
• You have children or anyone who depends on you financially
• You have a mortgage or other debts you don’t want passed on
• You want to leave a financial safety net for your family
Many people think life insurance is only for parents or married couples; but anyone with financial responsibilities can benefit.

Types of Life Insurance
There are two main types:
1. Term Life Insurance
This is the most common and affordable option.
It covers you for a fixed number of years, for example 20 or 30 years.
If you die during that time, it pays out.
If you don’t, the policy ends – simple.
Most people use term cover to protect their mortgage and their family while the kids are growing up.
2. Whole-of-Life Insurance
This covers you for your entire life.
As long as you keep paying the premiums, the policy will pay out whenever you die.
It’s often used for long-term financial planning or to help with funeral costs.

How Much Does Life Insurance Cost?
The cost depends on a few things:
• Your age
• Your health
• Whether you smoke
• How much cover you want
• How long you want the policy to last
For most people, life insurance is far cheaper than they expect — often only the price of a takeaway coffee each week.

How Much Cover Do You Need?
A good rule of thumb is to think about:
• Your mortgage balance
• Household bills for a number of years
• Childcare or children’s future costs
• Any debts
• The income your family would need if you weren’t around

Why Life Insurance Matters
Life insurance gives your loved ones:
• Financial security
• Breathing room to grieve
• Protection from financial stress
• A clear safety net when facing the unexpected
It’s about planning ahead so your family won’t have to worry about money during a very difficult time.

At Beat the Bank we can
• Compare multiple insurers
• Help you choose the right level of cover
• Make sure the policy fits your needs and budget
• Handle the paperwork
• Support your family if a claim is ever needed

Life Insurance Is About Love, Not Money
At its heart, life insurance is simple: It’s a way to take care of the people who matter most, even when you can’t be there in person.

Who Is The Beat The Bank?

Who Is Beat the Bank?

A simpler way to arrange protection insurance in Ireland

Beat the Bank helps people across Ireland arrange mortgage protection, life insurance and income protection without making the process more complicated than it needs to be.

You can check indicative prices online, review your options in your own time and speak to our team when you need support.

Beat the Bank is a trading name of Financial Planning Matters Limited, an Irish company regulated by the Central Bank of Ireland.

Why Was Beat the Bank Created?

Beat the Bank was founded by Niall O’Connor MSc CFP® QFA, an experienced certified financial planner who believed there was a better way to arrange protection insurance.

For years, many mortgage customers simply accepted the insurance option presented by their bank. That was understandable. By the time buyers reached drawdown, they were already dealing with solicitors, valuations, mortgage documents and deadlines. Mortgage protection often felt like one more box to tick.

But customers were not limited to the option offered by their bank. More affordable alternatives could be available from other insurers yet comparing them was often time-consuming. It could mean contacting several providers, repeating the same information, waiting for sales calls and completing more paperwork.

Beat the Bank was created to make that process easier. We built a structured digital service that allows customers to compare options from five leading insurers in one place. You can review indicative prices without unnecessary pressure, repeated calls or paper forms.

The idea is simple: give people a clearer view of their options and let them move through the process at a time that suits them.

What Insurance Can Beat the Bank Help With?

Mortgage Protection

Mortgage protection is a type of decreasing term life insurance designed to repay your outstanding mortgage if you die during the policy term. As your mortgage balance reduces over time, the amount of cover reduces too, which generally makes it more affordable than standard life insurance. It helps ensure your family can remain in their home without the burden of repaying the mortgage. We help customers compare available policies and complete the application process.

Life Insurance

Life insurance can provide a lump-sum payment if an insured person dies during the policy term. The payment may help a partner, children or other dependants manage household bills, debts, education costs or the loss of income. Our team can help you consider the type and amount of cover that may suit your circumstances.

Income Protection

Income protection can provide a replacement income if you cannot work because of an illness or injury covered by the policy. The payment amount, waiting period and length of time benefits may continue depending on the insurer and policy terms. We can explain these features and help you understand the available options.

Home Insurance- Coming Soon

We are preparing to add home insurance to our range. Home insurance is not currently available through Beat the Bank. We will share more information when the service launches.

How Does Beat the Bank Work?

The process begins online.

You enter some basic information into our quotation system and receive indicative prices from the insurers we work with. This saves you from contacting several providers separately or repeating the same details. You can then review the quote at your own pace.

Zoe, our AI-powered assistant, can answer common questions and explain insurance terminology in plain English. She does not replace our advisers. If your circumstances are more complex, your application requires additional information or you simply prefer to speak to someone, our team is available.

An insurer may ask for further details about your health, occupation or lifestyle before making a decision. Medical evidence may also be required in some cases.

An initial quotation is only an indication of price. Cover begins after the insurer has assessed and accepted your application, confirmed the final terms and placed the policy in force.

Which Insurers Does Beat the Bank Compare?

We compare protection policies from five of Ireland’s leading insurers:

Irish Life
Aviva
Zurich Life
Royal London Ireland
New Ireland Assurance

Each insurer has its own pricing and underwriting approach.

The insurer offering the lowest price for one customer may not be the most competitive option for another. Your age, health, smoking or nicotine use, occupation, amount of cover and policy term can all affect the final premium. Our quotation system shows the lowest-priced available option based on the information provided.

Price matters, but it is not the only thing to consider. Policies can also differ in their benefits, structure and future flexibility. Our team can help explain those differences.

We also pass back a portion of the commission we receive from insurers as a discount. This commission-surrender model helps many of our customers pay less for the same type of protection cover, with policies often costing up to 40% less than buying through a bank.

What Should You Know Before Applying?

Protection insurance applications can include detailed questions about your health, occupation, hobbies and lifestyle. These questions must be answered honestly, accurately and with reasonable care. Missing or incorrect information could affect the policy or a future claim. You should also read the insurer’s policy documents carefully, including the benefits, exclusions, restrictions and conditions.

Our job is to make the information easier to understand, but you should still be comfortable with the cover you are arranging.

What Do Customers Say About Beat the Bank?

We are proud of the feedback our customers have shared. As of July 2026, Beat the Bank has a Trustpilot rating of 4.9 out of 5 from more than 300 reviews. Ratings and review totals change over time, so please check our Trustpilot profile for the latest information.

Is Beat the Bank a Bank?

No. Beat the Bank is not a bank and does not provide banking services. The name reflects why the service was created: to give customers an alternative to automatically arranging protection insurance through their mortgage lender or bank.

Explore Your Options

Whether you are buying a home, reviewing an existing policy or looking for additional financial protection, you can begin online. Check indicative prices, ask Zoe a question or speak to our team when you need personal support.

Explore your options at BeatTheBank.ie.

Financial Planning Matters Limited, trading as Beat the Bank, is regulated by the Central Bank of Ireland. Beat the Bank is not a bank and is not authorised to conduct banking business in Ireland. Beat the Bank provides advice on a limited-analysis basis using products from providers with which it holds agencies. Terms, conditions and underwriting criteria