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Income Protection Classes
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Overview of Income Protection Classes
Income Protection Insurance will provide you with an income should you be unable to work due to illness or injury.
To be eligible for Income Protection Insurance you must be employed for a minimum of 16 hours per week or be self-employed.
Your occupation will also have a significant impact on your eligibility. Each occupation is given a rating from Class 1-4. Class 1 occupations carry the lowest risk of injury while Class 4 occupations carry the highest risk.
There is also a Class 5 that would result in your application being automatically declined.
Class 1
Class 1 involves occupations seen as carrying the least amount of risk. This includes administration and pen-pusher occupations. If you sit at a desk for most of the day, you will fall under Class 1.
Some examples of Class 1 occupations are:
- Contractors
- Accountant
- Software Engineer
- IT Consultant
- Auctioneer
Class 1 – Quote example
For the below example, we have used a 13-week deferred period and a retirement age of 65 for a non-smoker.
Age | Salary | Percentage of Income Covered | Premium (after tax relief) |
40 | €70,000 | 75% | €93.40 |
The above individual would be able to protect 75% of their income for just over €23 per week after tax relief.
Class 2
Class 2 involves occupations that include light manual labour. While you are likely standing and moving around, there isn’t any imminent danger.
Some examples of Class 2 occupations are:
- Dentist
- Chiropractor
- Construction site manager (no manual activities)
Class 2 – Quote example
For the below example, we have used a 13-week deferred period and a retirement age of 65 for a non-smoker.
Age | Salary | Percentage of Income Covered | Premium (after tax relief) |
40 | €70,000 | 75% | €133.12 |
Class 3
Class 3 involves occupations including skilled manual labour. In some circumstances, there may be an element of danger in your day-to-day activities.
Some examples of Class 3 occupations are:
- Aircraft Engineer
- Mechanic
- Nurse
Class 3 – Quote example
For the below example, we have used a 13-week deferred period and a retirement age of 65 for a non-smoker.
Age | Salary | Percentage of Income Covered | Premium (after tax relief) |
40 | €70,000 | 75% | €191.04 |
Class 4
Class 4 involves occupations that include heavy manual labour. In these occupations, the risk of accident or injury is significantly higher.
Some examples of Class 4 occupations are:
- Electrician
- Plumber
- Gas Mechanic
Class 4 – Quote example
For the below example, we have used a 13-week deferred period and a retirement age of 65 for a non-smoker.
Age | Salary | Percentage of Income Covered | Premium (after tax relief) |
40 | €70,000 | 75% | €256.73 |
Class 5 - Declined
There are certain occupations where an Income Protection Insurance application will be automatically declined.
These occupations include:
- Driving Instructor
- Fitness Instructor
- Flight Attendant
Are you eligible for Income Protection Insurance?
Eligibility for Income Protection is based on several factors, the main one being your occupation. If you are unsure of your eligibility, you can use our free quote engine or contact our team directly.
How to assess eligibility?
- Proceed to our free quotation process
- Enter your information
- Receive a quotation
- Complete the information requested
- Discuss eligibility when contacted by our team
If you would prefer to discuss eligibility over the phone, feel free to contact our team to assess potential options.
Wage Protector
Certain life insurance companies such as Aviva offer an income protection policy with a twist.
The Aviva wage protector is suitable for those with manual occupations. People who fall into a class 3 or 4 occupations.
This particular product differs from standard income protection as benefits are only paid for a certain time period.
Often benefits are paid for 24 months. Following this, the benefits will only be paid if medical tests show the beneficiary is disabled and unable to work.
Tax relief will be granted at your marginal rate on the premiums paid.
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