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Income Replacement


Income replacement (also referred to as Permanent Health Insurance) provides you with a replacement income if you cannot work as a result of an illness or injury after a certain period of time. You can take out income protection if you are in full-time work or are self-employed and earn an income. It does not provide payment if you become unemployed.


Its provides protection for one of your most valuable assets - your income.


The cost of a policy will depends on :

  • your Age
  • your Income
  • your health 
  • your occupation
  • level of benefits you choose eg whether policy commences payment to you after 13 weeks, 26 weeks or 52 weels of illness or whether indexation applies to the level of cover (i.e. the level of cover increases each year) or to what age the benefit is paid (e.. to age 60 or 65). 

The level of cover that you can insure for is generally restricted to 75% of your income less any social welfare benefits you would be entitled to. The exact amount of cover may vary by financial institution.


Payments on your policy are eligible for tax relief at your marginal rate of tax.


For more information read the frequently asked questions on income protection published by Friends First


For an illustraive example of the cost of the policy and the potential level of income that is being protected try the New Ireland income protection calculator.


We can assist you or your company by reviewing  the market for you, advising you of your options and putting in place for you the appropriate level of cover at the most competitive premium.


If you have a company consideration should be given to putting in place an executive income protection policy.

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