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What’s a protection plan?
A protection plan is all about safeguarding you and your loved ones from financial strain when life throws curveballs. Think of it as a safety net that can provide financial support. A protection plan can help take care of pressing costs, such as paying off debts or covering funeral expenses, so your family has one less thing to worry about during a difficult moment. You may need multiple plans to cover all your family's needs, such as income protection or life cover.
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Planning for the unexpected
While we may not be able to predict the future, having a protection plan in place can help provide some peace of mind. It helps make sure your family won’t be left in a vulnerable situation if something unexpected happens.
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Keep the conversation going
Discussing your financial plans and wishes with your family can be daunting, but it’s an important conversation to have. You can ease the burden on your loved ones during trying times by having open and honest conversations about your partner/spouse and your own employee benefits that may provide death in service, sick leave, any protection plans in place and if you have a will. Clarity can make all the difference, helping your family feel confident in fulfilling your wishes. Talk to your Bank of Ireland advisor to ascertain what your family needs to have in place.
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Coping with income loss
In Ireland, a surviving spouse / civil partner, may qualify for the State Widow’s or Widower’s Pension, but this often isn’t enough to meet a family’s needs. However, the loss of any income can still put a significant strain on your family’s finances. A protection plan can help pay off mortgages, and supplement lost income, taking some weight off their shoulders.
How can a protection plan help?
- Clear Out Debt: Losing a loved one is tough enough as it is, any unexpected debts shouldn't add to the stress. A protection plan can help take care of loans and debts.
- Replace Lost Income: If illness or injury prevents you or your partner from working, an individual income protection plan can provide monthly payments to help cover everyday expenses like groceries and bills, which can help things run smoothly.
- Support for Serious Illness: Facing a serious illness can be financially draining. A protection plan can provide a lump sum to help cover medical costs, allowing you to focus on getting better without stressing over finances.
- Bereavement: Funerals can be both emotionally and financially challenging. A plan can provide funds to help manage funeral costs, allowing your loved ones to focus on what truly matters—supporting each other during a difficult time.
While we might not be able to know what could happen one day, a protection plan can act as a sturdy safety net, providing security for your family against life’s uncertainties. By taking these steps, you can rest easy knowing you’ve done your part to help protect their future, giving you all the confidence to face whatever comes your way together.
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Life assurance and pensions products are provided by New Ireland Assurance Company plc., trading as Bank of Ireland Life. New Ireland Assurance Company plc., trading as Bank of Ireland Life is regulated by the Central Bank of Ireland.
Advice on Bank of Ireland Life products is provided by Bank of Ireland, trading as Bank of Ireland Insurance & Investments. Bank of Ireland trading as Bank of Ireland Insurance & Investments is regulated by the Central Bank of Ireland.
Bank of Ireland is a tied agent of New Ireland Assurance Company plc trading as Bank of Ireland Life for life assurance and pensions business.
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The information prepared above by Bank of Ireland “BOI” is for information purposes only and does not constitute financial or tax advice. You should seek assistance from a professional if you require financial or tax advice. No liability is accepted by BOI for any errors or for any loss to any person in reliance on this information. BOI believes any information to be correct at 16/09/2025 the time of publishing and the information is subject to change without notice. BOI does not make any representations or warranties in respect of the accuracy of this information and is not responsible for the content of external sites. Please refer to our Terms & Conditions for the use of the Bank of Ireland Group Website for further details.
Bank of Ireland is regulated by the Central Bank of Ireland.