Insurance |
Level of cover/main benefits |
Exclusions/
restrictions |
Tax relief on premium |
Specified Illness Insurance |
Pays out a tax-free lump sum if you are medically diagnosed with one of the serious illnesses or disabilities as defined under your policy conditions. |
Eligible illnesses and exclusions will be listed in your individual policy and will vary between providers. Your age, gender, health and family medical history will affect your eligibility and the cost. |
None |
Income Protection/ Permanent Health Insurance |
Provides you with replacement taxable income if you are unable to carry our your own or suited occupation. Benefit is payable after a chosen deferred period e.g. 13, 26 or 52 weeks. Benefit is paid until you are fit to return to work or to retirement age chosen. |
There is a cap on the amount of illness benefit that you can put in place depending on your income level. Your occupation, age, gender and medical history will effect your eligibility and cost. |
Yes |
Life Insurance |
Pays your estate either a lump sum if you die during the time limit set out in the policy. The cover is either whole-of-life or for a specific term |
Your age, gender, health and family medical history will affect your eligibility and the cost. |
None |
Mortgage Protection Insurance |
Decreasing Life Insurance Cover taken out to match the term and amount of your loan. Specified illness can be included |
Your age, gender, health and family medical history will affect your eligibility and the cost. |
None |
Mortgage Repayment Protection Insurance |
Repays your mortgage for a certain time if you're unable to work due to an accident, sickness, hospitalisation, compulsory redundancy or serious illness covered by the policy. The benefit lasts for a specified time, usually 12 months. |
Varies by policy but you may not qualify if you are self-employed, temporary/contract worker or know yourself to be at risk of being made redundant when taking out cover |
None |
Payment Protection Insurance |
Covers your repayments on a loan if you suffer from an accident, illness, death or redundancy, depending on the policy. Many policies generally cover a maximum of one year's repayments. |
Varies by policy but you will not qualify if you suffer from an illness that is not covered under your policy, for example, or know yourself to be at risk of being made redundant when taking out cover. |
None |
| Private Health Insurance |
Covers the costs of private and semi-private medical treatment such as hospital stays, doctors' fees, out-patient visits etc. Cover is ongoing once policies are renewed on time. |
Usually pre-existing illnesses. |
Yes |
This is a general description of the main types of insurances that are available. Terms and conditions will vary (Source: www.itsyourmoney.ie - official site of the Financial Regulator) |
