Right now is a challenging time for most families. As the cost of living continues to rise, many are struggling to pay their bills. In this environment, your income is your most important asset. But what if something happened to you that meant you were unable to work? That's where income protection insurance helps give real peace of mind.
In June, the cost of living rose by 9%, the highest it's been in 38 years*. Rents, interest rates, petrol, groceries and energy costs are all rising. As we face into this unsettled period, where global events continue to impact our daily lives, it's important to have some stability. A steady income offers that level of stability. Without a regular salary, it becomes harder to budget and manage your finances.
Income protection insurance is a form of insurance that protects your income in the event you become ill or get injured and cannot work. While most employees will have a certain amount of sick leave, if you have a long-term illness or injury, your income could be at risk.
Like most insurance, income protection safeguards you against the unexpected. It replaces part of your salary if you are unable to work and typically pays you up to 75% of your annual income.** In what is an extremely uncertain and challenging time, it could be a lifeline for some families.
Money worries can be stressful. And stress can have a real impact on your health. When you're dealing with a long-term illness or injury, this added stress could be debilitating. Income protection insurance can help to remove that financial worry. With a replacement income, you can continue to pay your bills and manage your finances. The good news is, if you sign up for income protection insurance before the 31st December 2022, eligible members can get 6 months’ freeꝉ income protection insurance.
*Source: CSO 14th July 2022. **Up to 75% less any other income to which you may be entitled e.g. half pay, Ill Health Early Retirement Pension, Temporary Rehabilitation Remuneration, State Illness or Invalidity Benefit after you have exhausted the deferred period of the Scheme and meet the definition of disablement as defined in the policy document. Please note, some Schemes have a lower benefit amount. ***Subject to a claim being admitted. ꝉOffer available to eligible members, who are applying to join Income Protection for the first time (offer is not available to existing or past members of any Salary/Income Protection Scheme administered by Cornmarket). You must fulfil the eligibility criteria of the Scheme and apply to join between 9th August and 31st December 2022. If you are eligible for this offer your Scheme premiums will commence 6 months after the date you are accepted into the Scheme and cover commences. This offer cannot be claimed in conjunction with any other offer (e.g. Rewards/Free Period). If you are eligible for more than one offer, the offer with the longest free period will apply. Terms, conditions & exclusions apply as outlined in the Scheme booklet. For more information on the Scheme please see cornmarket.ie/six-months-free