Salary Protection

km79

strongly considering getting salary protection .
I know cornmarket do it. Anyone have any advice as to going with them or any other company ?

solerina

I know one ex colleague had salary protection with cornmarket for a good few years. She then listened to one of the guys who came into the staff room selling an alternative product. She switched over and about 3/4 years later got sick and needed it. Had major problems with the new company, contacted the ASTI who were unable to help...they have a link with cornmarket so can assist if you run into problems with them but have no links with outside groups so can't help. She didn't get any joy from the other company at all, sad situation.

byhookorbycrook

Cornmarket would not be my choice under any circumstances. Visit an independent fiancial advisor.

evolving_doors

Older thread here HERE

mirrorwall14

I know someone who was medically retired by medmark and is not allowed to work in schools again (no exam supervision or anything at all permitted). Cornmarket made her jump through epic hoops for years after retirement to get her salary protection. The first four years in a row they cancelled her top up. Each time they sent her to a random GP (who could not deal with her well documented condition). Every year it had to be appealed. Every year once it got to consultant stage it was reinstated but she had an absolute nightmare with them. I'm not sure what they wanted, even if they deemed her fit to work Medmark say no so it was baffling!

2011abc

The cosy deal between Cornmarket and the teaching unions stinks .It used surprise me but considering carry on of last few years it now makes perfect sense .

km79

so who do ye use?
I've heard one similar story first hand about cornmarket.

Geuze

There are few sellers of income protection in Ireland.

Friends First come to mind.

ethical

A company called OLYMPIAN had a rep doing the rounds last year.The company was set up by a senior civil servant about 15 years ago.I know salary protection was one of the things he talked about when on a school visit.I think their HQ is in Limerick.

TheDriver

I priced up some private ones few years ago and they were all more expensive and the broker recommended going to cornmarket.

byhookorbycrook

TheDriver wrote: »

I priced up some private ones few years ago and they were all more expensive and the broker recommended going to cornmarket.

I had the opposite experience and the benefits were far better

killbillvol2

byhookorbycrook wrote: »

I had the opposite experience and the benefits were far better

So who did you go with? And what better benefits were there?

byhookorbycrook

I went with Irish Life, the main benefits for me was that a wider range of illnesses were covered and a cheaper premium.

km79

byhookorbycrook wrote: »

I went with Irish Life, the main benefits for me was that a wider range of illnesses were covered and a cheaper premium.

my life insurance is with them actually so may get a discount

killbillvol2

Am I missing something here? I'm in the Cornmarket scheme which is underwritten by Irish Life. So if I have a claim I'll be claiming from Irish Life.

murphyebass

There are two companies selling proper income protection/salary protection/income insurance/PHI or whatever you want to call it in Ireland.

Irish life and friends first.

Cornmarket are a broker associated with the teachers union who tend to use Irish life.

Both are priced similarly.

THere are other companies selling cover they will tell you is income protection but it's not.

Most companies for example can sell accident cover with their life cover which tends to pay out a set sum somewhere in the region of €100 - €400 per month if you are in an accident.

Then there's hospital cover etc..

So yeah it's Irish life or friends first for income protection.

Check one isn't undercutting the other by using a different deferred period.

Teachers generally will set the deferred period (the period in which the insurer won't pay for as work are paying) at 6 months currently as they are paid 3 months full pay and then 3 months half pay as per the hadington road agreement.

Some teachers may have cheaper policies as the deferred period is set for one year as teachers used to be paid 6 months full pay 6 months half.

Also bear in mind both companies also sell specified / serious illness cover which is a lump sum payout on a set number of illness's like heart attack cancer stroke.

Income protection pays up as far as 75% of your income of your out of work due to any accident or illness for a lengthy period

cudsy1

https://www.boards.ie/discussion/comment/97890946#Comment_97890946

bump 2022 - i googled friends first and a 2018 result came up saying they were taken over by aviva. i googled salary protection compare and switcher sent me onto quoteleader.ie, whose result was royal london.

can anyone tell me whether there are now more than two salary protection providers in the irish market, not just friends first/aviva and irish life?

edit: just found this on switcher.ie

Who offers income protection insurance in Ireland?

There are some insurance brokers who can help you find an income protection policy and four main insurers who offer it:

• Aviva
• Irish Life
• New Ireland
• Royal London

Bobtheman

The vast majority of teachers - proably 85% will never need income protection. I never bothered with it.

It's really an individual thing. Depends on how secure your wife partner is etc in employment.

How many kids you have. Etc

2011abc

If you paid for all these extras you would have nothing left .Keep healthy and have at least a few bob left for the odd treat is my advice .

Bananaleaf

I have salary protection with Cornmarket and I plan to hold onto it until my mortgage is cleared, then I'm getting rid.