An income protection policy gives you a replacement income of up to 75% of your annual salary* – if you can't work due to illness or injury, and your sick pay has reduced to half pay or ceased altogether.

*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. Please note, some plans have a lower benefit amount. You can submit an income protection claim when you have used up your employer’s sick leave entitlements and passed the scheme ‘deferred period’. Simply put, that’s the time that must pass before benefit is paid.

Some of our income protection insurance plans provide a lump sum of twice your annual salary in the event of your death. This can help pay bills, mortgage or funeral costs – providing relief at a difficult time.

Where this benefit is included in the plan you receive a once off lump sum if you are diagnosed with a specified illness listed in the policy.

You're entitled to income tax relief on your disability benefit premium.

Our helpful and friendly team will guide you through the process of an income protection claim.

Remember, we're not automatically notified if you’re absent from work due to illness or injury. If this happens, it's important to contact us as soon as you think your salary will be affected in order to claim income protection cover.

To be eligible to claim from income/salary protection, you must meet the definition of disablement as defined in the policy document. Other terms, conditions and exclusions apply.

Membership of the Plan can be cancelled at any time by letting us know in writing.

However, you should think carefully before cancelling your membership of the Plan, as once you have cancelled, you will need to sign a medical declaration and/or provide medical information should you wish to apply for cover again in the future. A change in medical history in the interim could affect your ability to re-join the Plan.

If you leave the Union or Group who own the Plan and are no longer a member, you will not be able to stay in or benefit from the Plan. If you are planning to change from one Union or Group to another, there may be a transfer option available.

Contact our Customer Service Team on (01) 408 4195 or spsadmin@cornmarket.ie.

There are a variety of reasons Membership could end, but usually at the earliest of the following:

•         You reach the ceasing age of your Plan

•         You leave your job or resign

•         You leave the relevant Union or employer who owns the Plan

•         Your premiums to the Plan cease (please remember, it is your responsibility to make sure the correct premiums are paid)

•         You retire (except if you are claiming from the Plan and retire on an Ill Health Early Retirement Pension)

•         You die

•         You no longer fulfil the eligibility requirements of the Plan.

See your Policy Document or Plan Booklet for further details of your Plan.

As long as you remain resident within Ireland you are covered. You are also covered if you travel briefly for normal holiday purposes. If you're planning to go abroad for work purposes, call our Customer Service Team on (01) 408 4195 or email spsadmin@cornmarket.ie for expert advice.

If your terms of employment change (e.g. you take a Career Break or move employer) or you take unpaid leave, this may affect your cover under the Plan. In advance of the change or unpaid leave, you should call our Customer Service Team on (01) 408 4195 or email spsadmin@cornmarket.ie.

There is no maximum number of times that you can claim Disability Benefit once the insurer is satisfied that you meet the definition of Disability and you have completed the deferred period. The deferred period is the waiting period before the Disability Benefit becomes payable.

To make a claim, please call our dedicated Claims Team on (01) 408 4018. Our Claims Team will give you a claims pack, if necessary, and if so, guide you through the claims process. It is important to contact us as soon as you know you need to make a claim from the Plan, as claims can take around three months to process.

If your Plan has a number of benefits and you pay your Plan premiums through salary, you might see two deductions on your payslip. This is because tax relief applies to the Disability Benefit portion of your premium only. Therefore, your employer is likely to split your overall premium into two on your payslip; one that refers to the Disability Benefit and receives tax relief and one that refers to the Death Benefit and/or Specified Illness Benefit, where applicable, and does not receive tax relief. 

You are eligible for tax relief at your marginal rate of tax on the Disability Benefit element of your Plan premium.

If you are paying premiums through your salary, you will automatically receive tax relief through your employer. This means that the actual cost of your premiums will be less than what you see on your payslip.

If you are paying by Direct Debit, you can claim tax relief by including the premiums you have paid by direct debit in the relevant year in your tax return using the Revenue Online System (my Account). You should request an up-to-date Premium Statement from Cornmarket as Revenue may request to review this before issuing tax relief.

Some Income Protection Plans include a level of Death Benefit as an additional benefit. Death benefit is a lump sum of typically twice your annual salary paid to your loved ones in the event of your death. This can help pay bills, mortgage or funeral costs – providing relief at a difficult time.

Please note benefit levels vary per Plan.

Where Specified Illness Benefit (often known as specified illness cover or critical illness cover) is included in the plan, you will receive a once-off lump sum payment in the event that you are diagnosed with a Specified Illness listed in your policy. Once you have made a full specified illness claim, you will not be able to make a further Full or Partial Specified Illness Benefit claim.