Media Q&A: I am a plumber considering income-­protection insurance. Is it true my job could mean I pay more for this cover than others?

Income protection replaces your income if you cannot work due to illness, injury or accident. Your occupation affects the cost, as different jobs carry different risk levels, said Karen O’Flaherty, senior proposition executive at insurer Royal London Ireland.

There are four occupational classes: low-risk roles (Class 1 and 2) have lower premiums, while high-risk ones (Class 3 and 4) pay more. The more manual work and risk involved, the higher the class, she said.

As a plumber, you fall into Class 4, so your premiums will be higher than someone with a desk job, such as a bookkeeper or administrator.

You are, however, eligible for tax relief on premiums, Royal London Ireland said. This can reduce the cost of your cover by up to 40pc if you pay income tax at the higher rate, making the cover more affordable.

The way you apply for this tax relief will depend on whether you are employed or self-employed. If you have a limited company, the premiums qualify as a business expense that can be offset against corporation tax, Ms O’Flaherty said.

She recommends you seek professional advice from a financial broker, who can help you choose the best cover to suit your budget and needs.