Salary/Illness Protection Schemes

lennyloulou

got a call from Cornmarket offering a free financial assessment before going back to school... a guy called to my house today, went through my P60, Payslip, checked point on the scale and said I would be due my next increment in sept. ( I am well under 65000e so he says I will still getmy increment?) I was offered a salary protection scheme,tax relief at 41%, it would offer 75% of my salary if I get sick/disabled right up to 60 or 62yr- I cant remember exactly when I am to retire(must check my paperwork. also if I were to pass away hubbie would get twice my annual salary in a lump sum.

Due to the new sick pay laws in, our sick pay is greatly affected if one goes out sick for a long period of times ( the first 3months full pay, next three months at half pay , them it is onto social welfare)
my question is
what is cornmarket like to deal with heaven forbid I ever had to make a claim for my 75% salary.. is their scheme good? I asked to keep the paperwork and have a second look at the detail... the guy was ok about it, would have preferred to take the filled out paperwork away and then buzz me next week to confirm .... any ideas/experiences please

byhookorbycrook

Cornmarket got a lot of slack in a documentary not so long ago. Try other brokers too and see what they can offer. I have heard stories of Cornmarket not paying out as they decided the person COULD work.

rainbowtrout

lennyloulou wrote: »

got a call from Cornmarket offering a free financial assessment before going back to school... a guy called to my house today, went through my P60, Payslip, checked point on the scale and said I would be due my next increment in sept. ( I am well under 65000e so he says I will still getmy increment?) I was offered a salary protection scheme,tax relief at 41%, it would offer 75% of my salary if I get sick/disabled right up to 60 or 62yr- I cant remember exactly when I am to retire(must check my paperwork. also if I were to pass away hubbie would get twice my annual salary in a lump sum.

Due to the new sick pay laws in, our sick pay is greatly affected if one goes out sick for a long period of times ( the first 3months full pay, next three months at half pay , them it is onto social welfare)
my question is
what is cornmarket like to deal with heaven forbid I ever had to make a claim for my 75% salary.. is their scheme good? I asked to keep the paperwork and have a second look at the detail... the guy was ok about it, would have preferred to take the filled out paperwork away and then buzz me next week to confirm .... any ideas/experiences please

Well this is from the ASTI website and I'd be more inclined to believe them than the Cornmarket guy:

The Financial Emergency Measures in the Public Interest Act, 2013 empowers the Government to

cut public servants’ salaries over €65,000, by the terms contained in the Haddington Road Agreement, with no promise of restoration for those not covered by the Haddington Road Agreement. This cut to take effect from July 1, 2013;
suspend incremental progression for three years for all public servants not covered by the Haddington Road Agreement commencing from July 1, 2013;
reduce public service pensions; and,
reduce public servants’ pay and to adjust their terms and conditions, regardless of any existing legislation, contracts or agreements

I guess that means all of us.

whiteandlight

A close family member with corn market was retired early due to illness. She cannot ever work for the department again as medmark have retired her. However cornmarket argue for over a year and eventually refused to pay out. She appealed and finally got the salary protection. However they are still assessing her yearly despite the fact that she cannot work for the department again??! It has been a monumental stress for her and a long battle

teacherhead

Musicmental85 wrote: »

A close family member with corn market was retired early due to illness. She cannot ever work for the department again as medmark have retired her. However cornmarket argue for over a year and eventually refused to pay out. She appealed and finally got the salary protection. However they are still assessing her yearly despite the fact that she cannot work for the department's again??! It has been a monumental stress for her and a long battle

To be fair thats probably the insurers rathEr than Cornmarket they are the brokers.

I found PSRA very good theyre based in maynooth. No hard sell with them. I have found the Cornmarket fellas very pushy.

killbillvol2

teacherhead wrote: »

To be fair thats probably the insurers rathEr than Cornmarket they are the brokers.

I found PSRA very good theyre based in maynooth. No hard sell with them. I have found the Cornmarket fellas very pushy.

Correct, Cornmarket are brokers, Irish Life underwrite it IIRC.

I've known a number of people who got out under salary protection through my INTO involvement. Some were straightforward and some were difficult. That's the nature of insurance.

In recent years they've definitely become more pushy though.

Pang

I went with PRSA a few years ago. No issues with them at all. The girl was very nice that I dealt with and there was no pressure to buy from them.

ethical

Try Olympian Financial Services,Limerick Head Office,but have reps all round country.Very good and very thorough,was with Cornmarket but left them due to hard sell and not being told truth about AVCs......I had overpaid and would still be paying except for Olympian rep,also the salary protection is more expensive and not as thorough as the one offered by Olympian

TheDriver

there is always that fear that a different salary scheme would be difficult to claim from however stories seem to suggest that official scheme is also difficult. However with only 3 months to play with, it may become more necessary however it is expensive.
only people I have heard who used it with little hassle were neurological conditions e.g. MS etc.

byhookorbycrook

MS dodgy one, how "bad" are you before you are unfit for work???