When we think about insurance, most of us go straight to mortgage protection — and no surprise, it’s by far the most common policy we help people with here at Beat The Bank.
But what if your income stopped tomorrow? How would you cover the mortgage, the car loan, the bills? That’s where income protection comes in — and we think it’s one of the most underused but incredibly valuable types of cover out there.
Here’s what you need to know.
✅ Do I actually need income protection?
In short — yes. But before you do anything, check if you already have cover.
A surprising number of people have income protection through work and don’t even realise it. It might be part of your benefits package or included in a group policy. A quick email to HR or your manager should clarify it.
🔎 Top tip: You can’t double up on income protection. So even if you have two policies, you can only claim up to certain limits — more on that below.
🧮 How much cover can I get?
Income protection covers up to 75% of your salary, but you’ll need to subtract any state supports you’d receive if you couldn’t work. Right now, the weekly disability allowance is €244, or just over €12,600 a year.
So, for example:
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If you earn €50,000
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75% of that is €37,500
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Subtract €12,688 (state support)
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You can protect approx. €24,800 per year (€2,066/month)
That’s the maximum — but you can choose to protect a lower amount if that suits your budget better.
💸 What if full cover is out of my budget?
Here’s the good news: some cover is better than none.
You might choose to protect just your essential monthly outgoings — like your mortgage, your car loan, or childcare costs. That way, if you were unable to work, you’d have a financial safety net that keeps the most important things ticking over.
Plus, you get tax relief on income protection premiums — so it costs less than you think.
🧠 Final thought: Protect the income that pays for everything else
We insure our homes, our phones, even our pets. But we don’t always think to insure the very thing that makes all of those possible — our income.
If you’re not sure whether you’ve got cover already, how much you need, or what it might cost — just reach out. We’ll help you figure it out in 10 minutes flat.
Not sure if income protection is right for you — or what it might cost?
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