What types of protection insurance are available in Ireland?

The main types of protection insurance in Ireland are life insurance (pays a lump sum on death), income protection (replaces income if you cannot work due to illness or injury), serious illness cover (pays a lump sum on diagnosis of specified conditions), and mortgage protection (clears your mortgage on death).

Do I need life insurance in Ireland?

Life insurance is strongly recommended if you have a mortgage, dependants, or financial commitments that others would struggle to meet without your income. It provides financial security for your family in the event of your death.

What is income protection and how does it work in Ireland?

Income protection insurance replaces a portion of your income (typically up to 75%) if you are unable to work due to illness or injury. Premiums are tax-deductible in Ireland, making it one of the most tax-efficient protection products available.

Is serious illness cover worth it in Ireland?

Serious illness cover pays a tax-free lump sum if you are diagnosed with one of the specified conditions (such as cancer, heart attack, or stroke). Given that medical advances mean more people survive serious illnesses, this cover can be valuable to fund recovery costs and adapt your lifestyle.

How much does protection insurance cost in Ireland?

Protection insurance costs vary widely depending on the type of cover, amount insured, your age, health status, and whether you smoke. A whole-of-market broker like Greenway can compare premiums across all major insurers to find the best value for your needs.

Protection

Protect Your Family, Your Income and Your Home

Life cover, income protection, serious illness cover and mortgage protection — designed around your real responsibilities, not a one-size-fits-all package.

Book a Free Consultation What you need

Regulated by the Central Bank of Ireland
Whole-of-market across six leading providers
Plain-English advice, no jargon

Last reviewed by Debbie Cheevers, QFA, RPA · 30 June 2026

Who this is for

Families with mortgages

You need to know that if something happens to you, the mortgage gets paid and your family keeps the home.

Income earners with dependents

Your income is the family’s most important financial asset. Income protection replaces it if you can’t work.

Self-employed and directors

You don’t get sick pay from an employer. Income protection and key-person cover protect you and the business.

The four types of cover

Mortgage Protection

Required by lenders. Pays off the remaining mortgage if you die during the term. Premium falls as the mortgage reduces. We shop the market — there are big price differences between providers for identical cover.

Life Cover (Term Assurance)

Separate from your mortgage. Pays a lump sum to your family if you die — used to replace lost income, fund childcare, clear debts. Level term keeps the sum assured constant.

Income Protection

Pays a monthly income (up to 75% of salary, less State illness benefit) if illness or injury keeps you from working. Pays until you can return or until retirement. Premiums get tax relief at your marginal rate.

Serious Illness Cover

Lump-sum payment on diagnosis of one of a specified list of illnesses (cancer, heart attack, stroke and dozens more). Useful for clearing debts, funding treatment, taking time off work.

A few numbers that matter

75%

Maximum income replacement under Irish income protection rules (less State illness benefit).

40%

Income tax relief available on income protection premiums at your marginal rate.

€288

State illness benefit per week (2026) — the gap income protection fills.

Income protection benefit is subject to a deferred period (typically 13, 26 or 52 weeks) before payments start. Premiums depend on age, occupation, health and the cover level chosen.

Our four-step advice process

1

Free initial meeting

We map your responsibilities — mortgage, income, dependents, debts — and identify what genuinely needs protecting.
2

Quote the market

We quote across all six providers to find the right combination of cover quality and price.
3

Recommendation

Written advice covering what cover you need, what you don’t, and why each recommendation is right for you.
4

Application & underwriting

We handle the application paperwork and any medical underwriting questions on your behalf.

Frequently asked questions

How much life cover do I actually need?

A common starting point is 10× annual income, plus any mortgage and significant debts, plus a buffer for childcare/education. We model it properly against your real situation in the initial meeting.

Mortgage protection — should I just take what the bank offers?

Banks earn commission on the policies they sell. Independent quotes are almost always cheaper for identical cover. You’re under no obligation to take cover from your lender.

Is income protection or serious illness cover more important?

For most people in their working years, income protection is more important — it covers far more scenarios (any illness or injury keeping you from work, for years). Serious illness pays once on diagnosis of specific conditions. Many people benefit from a combination.

What if I have a pre-existing condition?

Many conditions are still insurable, sometimes with a premium loading or exclusion. We can pre-screen with insurers before you formally apply, so a declined application doesn’t sit on your record.

Will premiums increase over time?

Most protection policies have guaranteed level premiums for the term — the premium you start with is the premium you pay throughout. We always check and confirm this in writing.

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