Safeguarding Your Income with Income Protection

Editor’s note: First published 2017 | Refreshed November 2025 with updated Class 1 pricing, Irish claim data and tax-relief examples.

Greetings, my learned friend!

Fun fact — I studied Law at UCD back in the late ’90s. Ten hours of lectures a week and the rest spent in the Student Bar 🍺 — which probably explains why I never became a practising solicitor. Still, it left me with a soft spot for those of you who did. I remember my friends complaining about how little they were paid to begin with, but now that you’re finally earning well, isn’t it time to put some of it aside to protect your income when life throws a curve ball?

If you haven’t a notion what Income Protection is, read this first then come back to me:

What Is Income Protection Insurance in Ireland (2025 Guide)

9 Reasons Solicitors Should Consider Income Protection

1. Your high earnings make you more exposed

The State pays €244 a week in Illness Benefit — the same for everyone. If you’re earning €2,000 a week, that’s a 90% pay cut overnight. You’ve worked too hard for State Illness Benefit to be your safety net.

2. Solicitors get the lowest-risk premiums

You’re a Class 1 profession — the safest category. That means cheaper cover than almost any other job, with full benefits for both physical and mental health claims.

3. You can reclaim 40% of your premiums every year

Because you pay the higher tax rate, you can claim 40% tax relief on your premiums. A €150 monthly premium effectively costs €90 after relief. Here’s how the tax relief works.

4. Keep your family’s standard of living

Income protection can replace 75% of your salary (less any State benefit). On earnings of €80,000 a year, that’s an extra €47,312 on top of State Illness Benefit — or enough to keep the lights on, the mortgage paid, and the kids in clothes while you recover.

5. If you’re self-employed, you get €0 from the State

No sick pay, no State Illness Benefit — nothing. Without income protection, you’re one accident away from a 100% drop in income.

And if you’re a barrister? Same story. Self-employed, no safety net. Income protection can replace up to 75% of your average earnings if illness keeps you out of court — a lifeline when your income depends entirely on appearances.

6. Lock in lower rates while you’re young and healthy

Get a policy early in your career and you’ll secure lower premiums for life. Most insurers also let you increase cover by 20% every three years without new medicals. Wait too long and you’ll pay more simply for having another birthday.

7. It’s not just for broken bones and back pain

Mental-health-related claims — stress, anxiety, depression — now account for around 30% of all Irish income-protection payouts.

8. Few firms offer decent sick pay

Did you know statutory sick pay is just five measly days?

Law firms aren’t exactly known for being generous with sick pay — most cover a week or two at best. Income protection lets you choose how soon your policy kicks in — as quickly as four weeks if you wish. This is known as the deferred period.

Having a policy is the difference between a safety net and freefall.

9. Your cover moves with you

Switch firms, go in-house, or hang up the wig — your policy follows you. It’s attached to you, not your employer.

Need a Reality Check?

It’s easy to think, “It won’t happen to me.” But illness and injury aren’t picky. Averil Power, CEO of the Irish Cancer Society, recently noted that families affected by cancer face around €700 extra costs per month and an average income loss of €1,500 (The Journal, Jan 2025).

Let that sink in. That’s €700 more going out every month — with €1,500 less coming in.
That’s a swing of €2,200 every month until (or if) you can get back to work full time. It’s a brutal reminder that getting sick isn’t just about recovery time — it’s about financial survival too.

And it’s not just cancer — around 30,000 people in Ireland live with long-term disability after a stroke.

Medical advances mean you’re more likely to survive a serious illness than ever, but recovery often means months or even years off work.

That’s where income protection has your back.

What to Watch Out For When Buying

1. Choose a policy from an insurer with an established record of paying claims fairly.
2. Opt for guaranteed premiums over reviewable ones (the latter let insurers bump your price later).
3. If you have any pre-existing conditions, let your advisor know upfront — some insurers are more lenient than others.

Over to You…

You know the law of contract better than most — and income protection is just a contract that keeps its promises when your body doesn’t.

It’s boring until it isn’t.

If you want to talk through options without the hard sell, here are my details:

📞 (057) 93 20836 | Book a callback here

Thanks for reading.