Income Protection

Income protection insurance, also known as Permanent Health Insurance (PHI), pays out a regular cash payment that replaces part of your lost income if you cannot work due to a medium to long-term illness or disability. It is not the same thing as private health insurance and does not cover redundancy.

Are you eligible?

To obtain this insurance cover, you must be in full-time paid work or be self-employed. Protection of your income is something that is very important as it provides financial support should health take its toll. You can also claim back tax on your protection premium.


Personal Income Protection

Personal Income Protection Insurance is for the self-employed or those (in employment) who are setting up a policy independently of their employer.

This will pay out a regular cash payment that replaces part of your lost income if you cannot work due to a medium to long-term illness or disability.

Tax relief is available at your marginal rate of tax on premiums paid. In the event of a claim, the insurance company will pay your benefit directly to you, net of tax, USC etc.


Executive Income Protection

This is for employers who wish to provide income security for Directors or key employees.

In the event of a claim, the benefit is paid to the Company, who then passes it onto the member through payroll, deducting tax, USC etc., in the usual manner.

The cost of pension contributions can also be covered under this plan. Premiums qualify as allowable business expenses that can be offset against corporation tax.

Income Protection

Understand your policy

As there are many options to this policy, it is important that you speak with a Smart financial adviser to make sure that you fully understand the policy and that you avail of the right type of cover that suits your requirements.


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e.g. €40,000
Select 'Smoker' if you have smoked tobacco products in the last 12 months.
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