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About Us What is Income Protection and why is it important?
Income Protection

What is Income Protection and why is it important?

24 November 2022

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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.

What is income protection insurance?

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.    

What are the benefits of income protection insurance?

  • Peace of mind: you have the assurance that your income is protected if you are unable to work due to illness or injury***
  • Financial continuity: with up to 75% of your salary** coming into your account you can still pay your bills and meet other financial commitments
  • Reduces stress and worry: you can focus on your health instead of worrying about loss of salary
  • Added life cover: some income protection schemes include life cover, which can provide a lump sum of twice your annual salary in the event of your death
  • Tax relief: you receive tax relief on your disability benefit premium

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.

If you're interested in finding out more about income protection insurance call us on 01 470 8078, request a call back or start a web chat online.

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Cornmarket's Data Privacy Notice available here details how we as a company process your personal data and the legal bases we rely on for the processing of your personal data. It also provides you with important information regarding your rights in relation to the personal data we hold about you and with information on how you can exercise these rights. If you would like to receive a copy of this by post please contact us at (01) 408 4000 to request this.

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*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

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    Cornmarket's Data Privacy Notice available here details how we as a company process your personal data and the legal bases we rely on for the processing of your personal data. It also provides you with important information regarding your rights in relation to the personal data we hold about you and with information on how you can exercise these rights. If you would like to receive a copy of this by post please contact us at (01) 408 4000 to request this.

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Cornmarket's Data Privacy Notice available here details how we as a company process your personal data and the legal bases we rely on for the processing of your personal data. It also provides you with important information regarding your rights in relation to the personal data we hold about you and with information on how you can exercise these rights. If you would like to receive a copy of this by post please contact us at (01) 408 4000 to request this.

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Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of the Irish Life Group Ltd. which is part of the Great-West Lifeco Group of companies.

Registered Office: Christchurch Square, Dublin 8. Registered In Ireland, Reg No: 36496. Telephone calls may be recorded for quality control and training purposes.

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