News & Useful Information

When considering income protection insurance, many professionals wonder: Will my claim be paid if I ever need it? Thankfully, the statistics show that income protection claims in Ireland have a high approval rate, giving policyholders peace of mind.

In this article, we’ll explore the claims history of income protection policies in Ireland, the most common reasons for claims, how to submit a claim, and why securing coverage is a smart move for professionals.

There are 5 life assurance companies in Ireland that offer access to individual income protection plans.

Income Protection Claims: The Facts & Figures

According to recent reports from major Irish insurers, over 90% of income protection claims are approved each year. This highlights that, when properly set up, income protection policies genuinely provide financial security when clients need them most.

For example, in 2023:

• Aviva paid out €51 million in income protection claims, with a 93% claims approval rate.

• Zurich Life paid nearly €9 million in income protection claims, supporting over 360 claimants. Whilst this is a much lower € figure than Aviva, this is because Zurich have only recently joined the individual income protection market in Ireland.

These figures highlight the reliability of income protection policies in Ireland.

Most claims are for long-term illnesses or injuries that prevent policyholders from working. The highest proportion of claims come from professionals in sectors such as healthcare, IT, finance, and education—where prolonged absence from work can have significant financial consequences.  The average length of an income protection claim now stands at an incredible 7 years!

Top Reasons for Income Protection Claims

Understanding the most common reasons for claims can help professionals assess their own risk levels and why this coverage is crucial.

1. Musculoskeletal Disorders

Back pain, joint injuries, and other musculoskeletal conditions account for a large percentage of income protection claims in Ireland. These conditions can impact workers across many industries, from desk-based jobs to hands-on professions.

2. Mental Health Conditions

Stress, anxiety, and depression are among the fastest-growing reasons for income protection claims. Many professionals experience work-related stress, and if it leads to an extended absence, income protection can provide financial relief. In 2023, mental health conditions accounted for 33% of Aviva’s income protection claims.

3. Cancer & Serious Illness

Serious conditions such as cancer, heart disease, and strokes remain a leading cause of long-term work absences. Income protection ensures policyholders receive a replacement income while focusing on recovery.

How to Submit an Income Protection Claim in Ireland

Navigating the claims process efficiently can alleviate stress during challenging times. Your Family Cover adviser will be here to help you with this, but here’s a step-by-step guide:

1. Understand Your Policy Terms

Familiarise yourself with your policy’s terms and conditions, including the deferred period (the time between being unable to work and when benefits commence) and any specific exclusions.

2. Notify Your Insurer Promptly

As soon as you anticipate a prolonged absence from work due to illness or injury, inform your insurer. Prompt notification can expedite the claims process.

3. Complete the Claim Form

Your insurer will provide a claim form requiring detailed information about your medical condition, employment status, and financial situation. Ensure all sections are accurately completed to avoid delays.

4. Provide Supporting Documentation

Submit necessary documents, such as medical reports from your doctor, proof of income (e.g., recent payslips or tax returns), and any other relevant information. Comprehensive documentation facilitates a smoother assessment.

5. Assessment and Decision

The insurer will assess your claim, which may involve further medical evaluations or consultations. Upon approval, benefits will commence after the deferred period, providing you with a portion of your income during your absence.

Why Professionals in Ireland Should Consider Income Protection

For professionals in Ireland, income protection offers a financial safety net that can replace up to 75% of your income if you are unable to work due to illness or injury. Unlike government illness benefits, which may be limited, a personal income protection policy provides more comprehensive and tailored coverage.

Many insurers also offer early intervention programs, which help claimants recover and return to work faster, reducing the financial and emotional strain of long-term absence.

Final Thoughts

Income protection is one of the most reliable forms of financial security for professionals in Ireland. With a high rate of successful claims, this coverage ensures you and your family remain financially stable if illness or injury prevents you from working.

If you’re considering income protection, it’s best to speak with an expert to tailor a policy to your needs. At Family Cover, we specialise in helping professionals find the right coverage for their circumstances. Get in touch today to secure your financial future.

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Start your income protection journey today. Contact us for a personalised quote or expert advice.