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Income Protection


Have you ever thought how you or your family would cope financially if you were to suffer from an illness or injury and were unable to work? How would the bills, mortgage and day-to day expenses be paid?

At Frank Ryan Financial Services we can arrange an Income Protection plan that will ensure your lifestyle doesn’t change even if your ability to do your job does. An income protection policy pays out a regular cash payment that replaces part of your lost income if you are out of work due to accident, sickness or disability. It gives you financial support, so you’ll have time to focus on getting back on your feet.

You must be employed for at least 19 hours per week to avail of income protection cover. All premiums are tax deductible, which significantly reduces the cost of this cover. You can claim tax relief at marginal rate of tax up to 10% of income on these plans or can be done through Company scheme where company claims 12.5% tax on contributions.

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The cash is paid out as an on-going taxable regular income, when in claim after deferral (waiting) period you could be potentially on claim up to end of policy or when you go back to work. There are deferral periods from 8, 13, 26 and 52 weeks which means that for deferral (waiting) period you will not be able to claim until the end of this period. The level of protection available under Income Protection is a maximum of 75% of your income less any Social Welfare entitlements.

frank ryan financial services life Cover

Some facts about sick pay and social welfare that you might not be aware of:

  •  Your employer is under no statutory obligation to provide sick pay
  • In the private sector, 85% of employees would be fully dependent on the state benefit after 6 months of absence
  • The public sector offers full pay for just 3 months. After that, you get half pay for only another 3 months
  • The State Disability benefit – individuality – pays only €213.50 per week to an individual. A typical family with one adult working.
  • A person with an adult dependant would qualify for €366 per week
  • If you are self-employed then you are not entitled to any benefit

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087 255 7448
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