Income Protection: Union scheme or private scheme

acb

HI,
Looking for some advice from you wise people.

We are looking at taking out Income Protection as the title says and have been examining the IMPACT scheme on Cornmarket. Im not yet a member but am considering joining this as the scheme seem stop be v good. My partner is a teacher and we were advised ASTI Inc protection was great and our broker at the time couldn't really beat it. So when I looked up IMPACT one, it appears to be exactly the same...which is leading me to think perhaps it too is better than private one like Zurich or Irish life.
(IMPACT link: https://www.cornmarket.ie/impact-facilitated-salary-protection-scheme-hw)

Ive been on to Cornmarket and IMPACT and worked out to join IMPACT Inc Protection scheme will cost me 57EUR p/m net and membership of the union 26EUR p/m. So basically 80EUR
Should add my gross is 71k p/annum. Im 48 years old, public sector.
It appears IMPACT scheme will pay:
75% of income if claim is made.
If I died, they pay 2x my annual salary (unlike private scheme)
If I have critical illness on their list, they'll pay 25% of my salary as lump sum.
SO they appear to have nice extras there.
I asked about if I had to make a claim would there be an increase in my premium, apparently there used to be a 3% increase in premium but at present that gone.


I'll be honest in saying I don't know whole pile about this area except that I'd feel comfortable having income protection with 3 small kids, partner and mortgage to support.

Ive been quoted as 111EUR net with scheme with Zurich
Possible explanation of the differences in cover
- fixed vs reviewable premium (from above I think IMPACT one could change if IMPACT renegotiate different terms on their scheme)
-ceasing age (on both I got quoted for 21 years to retirement),
- escalation on cover (I dont know what this means)
- escalation in a claim (again Im unfamiliar with this)
I guess I need to be sure Im comparing like with like!

On the face of it, Im guessing I should go with IMPACT as it costs 21eur net a month cheaper, offers twice annual salary if die and has a bit of SIC in there.
What, if any are the pitfalls of these union schemes that I need to be aware off?

Apologies for rambling message. All advice greatly welcomed or a push in the direction of what I should be inquiring about.
TIA

skippy2

Get a copy of the Plan and read all the small print carefully, it all becomes very important when you need to claim but then its too late to read it
75% of income normally includes Inv/Dis Pension if you get this due to being unable to work
check the exclusion period......it can be anything up to 6 months before you can claim..........so for a short term ilnness might be of no use but this is generally if you are out long term till retirement does this cover up to the new retirement ages and not just the standard 65
is the claim in payment index linked so it rises at a specific amount each year in payment, can be CPI or 5%, 5% being the better option
sorry.......i think this is what the escalation refers to. The cover should increase with your salary and if you claim
remember the premium is tax deductible
r u both taking out a policy?