Other Primary Teacher needs salary protection insurance changes in sick scheme. Cornmarket?

Hi all.

I'm a primary teacher and with the changes in sick leave benefit coming down the tracks, along with new kids and my wife losing her job, I think I need to get some salary protection insurance in case of illness etc.

Ive read around and I can see that Cornmarket are fairly prolific in the staff rooms. I think I'd prefer to go somewhere independent.

I can see a lot about who to avoid, but not so much about who are good at this kind of policy.

I'd really appreciate some positive stories or recommendations regarding cost of the policies and reliability in case I ever needed to claim.

Thanks for your help!

Cornmarket is especially tailored towards teachers. You get the benefit of group rates and depending on your age, may not have to undergo a medical examination. Payment is via salary deduction.

You could contact a broker about your own personal individual policy, but I would be very surprised if you'll get it cheaper.

Cornmarket are owned by Irish Life, so you know where you will be recommended.

Luckily Ravima, when the changes come in, you will still be somewhat protected, with full pay for a certain period and half pay for the another before it ceases altogether. That means you can stagger your cover by having two plans. It will reduce the overall cost for you. Premiums are tax deductible as well but on payout, you are taxed under PAYE.

Let me know if I can be of any further help.

Steven
Financial Planner

Hi Steven.

I'm a bit confused. I'm NOT a teacher, so I do not know what 'changes' are 'to come in'. I was simply responding to query raised by esa.

To be fair to Cornmarket they're a multi agency intermediary and are an independent company within the Irish Life group and do sell other provider's products. That said Steven you are probably right in the case of PHI as Cornmarket offer public/civil servants group rates which are cheaper that retail products.

Ravima said:

Hi Steven.

I'm a bit confused. I'm NOT a teacher, so I do not know what 'changes' are 'to come in'. I was simply responding to query raised by esa.

Click to expand...

Apologies Ravima, I thought you were a teacher.

I looked into this matter further.

In the case of long-term critical illness or serious physical injury, there is no change in sick pay i.e. full pay for 6 months and half pay for another 6 months. it is in the case of non-critical cases that the coverage will reduce to full pay for 3 months and half pay for another 3 months.

It is expected to come in on 1st January 2014.