Kildare 045 888007 | Galway 091 759555

What Is Income Protection?

Over the past year, we’ve all had to rethink a lot of our plans and financial decisions. Murray & Spelman Financial Services has, in the past, discussed how pensions work and how it’s important to plan for the future. With this in mind, income protection is also an important area you should be aware of.

Income Protection is designed to provide payment of a regular income to you, should you be unable to work for a period of time due to an accident or illness. This can help safeguard your lifestyle and can help you get back on your feet. This will help you keep on top of those important bills such as mortgage repayments, car loans, rent and more.

How does Income Protection work?

Income protection can cover up to 75% of your earnings, less any State Illness Benefit, and gives you a replacement income until you are medically able to return to work or you reach a chosen retirement age, whichever comes first. It is different to health insurance – it’s insurance for daily living. When illness or injury leaves you unable to work, income protection gives you financial security.

How much does Income Protection cost?

The cost of an Income Protection cover policy will depend on a number of different factors, these include:

  • The amount of income you wish to protect
  • The chosen waiting period is also referred to as a deferred period of normally 13 or 26 weeks
  • Whether you smoke – smokers pay a higher rate for cover
  • Your age & the nature of your occupation
  • Your current state of health
  • When you want the plan to finish – any age between 55 and 70 years can be chosen

Murray & Spelman (Financial Services) Ltd help you plan for your future, while you live for today!

Contact Murray & Spelman

If you would like to learn more or ask specific questions, please contact us below.  Contact Murray & Spelman Financial Services Ltd over the phone or by email, to find out more and receive a complimentary consultation.

Phone: Kildare 045 888 007 Galway 091 759 555


Murray & Spelman Financial Services Ltd is Regulated by the Central Bank of Ireland. All details and views contained within this article are for informational purposes only and does not constitute advice. Murray & Spelman makes no representations as to the accuracy, completeness or suitability of any information and will not be liable for any errors, omissions or any losses arising from its use.