Salary Protection Scheme for Chartered Accountants Ireland
Could you and your family survive without your salary if you fell ill and were unable to work? If your answer is no, then you need Salary Protection insurance.
The Salary Protection Scheme for Chartered Accountants Ireland protects your salary against the impact of illness or disability, providing you with a replacement income should you fall ill and become unable to work.
Exclusively available to CAI members, the security and benefits of this Salary Protection Scheme are not available anywhere else.
- A replacement income of up to 70% of your Declared Earnings* if you fall ill and are unable to work
- Life cover of typically twice your annual salary
- A separate once-off lump sum if you suffer a Specified Illness (Please contact Cornmarket for the policy definition of each illness and its pre-existing conditions)
- Tax relief on the contributions that you pay (find out more)
- A claims service you can trust (find out more)
Why is Salary Protection so important?
*Declared Earnings are subject to the maximum of €257,000 for a self-employed member. You must exhaust your employer’s sick leave entitlements and the Scheme deferred period as denoted in the Scheme Summary Booklet.
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How much does it cost?
The Salary Protection Scheme for Chartered Accountants Ireland is designed to be affordable for every member. It is remarkably good value because it’s negotiated on a special ‘group basis’ exclusively for CAI members and harnesses the purchasing power of the collective.
The contribution rate is currently set at 1.94% of Declared Earnings.
You are eligible for tax relief at your highest rate of tax on the part of your contribution going towards Disability Benefit and Pension Protection Benefit (0.87% of the total 1.94%).
This means that the net contribution rate is only 1.59% after tax relief is applied, if you are paying tax at the higher rate.
The Real Question is…
Can you afford not to have this Salary Protection insurance in place for you and your family? Membership of the Scheme is a small price to pay for the security and peace of mind that this cover provides.
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What do I need to know?
Salary Protection is a simple, tax-efficient way to protect your family and livelihood in the event of illness or injury.
Information about the Salary Protection Scheme for Chartered Accountants Ireland can be accessed via the links below:
The 2016 review of the Scheme is now complete. The changes are effective from 1st October 2016 and the revised terms are guaranteed until 1st October 2019. Please use the link below to access the review document:
Should you have any queries, please call us on:
How to join?
Before submitting your application to join the Scheme, please consult the following documents for eligibility, terms and conditions:
Then all you need to do is:
1) Apply over the phone – call (01) 470 8078
2) Request a call back - Click here
How to make a claim
Please click here for a Step-by-Step Guide to making a claim from the Scheme.
Cornmarket is not automatically notified of your absence from work through illness. Ideally, we should be informed about approximately 8-9 weeks in advance of your salary reducing to half pay or ceasing altogether. As soon as you become aware that, due to illness or injury, your salary is likely to reduce to half pay or cease altogether, please let us know by:
- Phone (01) 408 4018
- Online Click here
- Post SPS Claims Department
Cornmarket Group Financial Services Ltd.,
A Claims Service you can Trust
We’re Cornmarket’s in-house, dedicated Salary Protection Claims Team. Should you ever need to make a claim, you can rest assured that it will be dealt with in the efficient, professional and sensitive manner that you deserve.
Important: You must remain an employee of Chartered Accountants Ireland to remain an eligible member of the Salary Protection Scheme for Chartered Accountants Ireland. If you leave the employment with the Chartered Accountants Ireland, you must inform Cornmarket in writing as you can no longer stay in the Scheme and you will not be able to claim from it.
Zurich Life Assurance plc is regulated by the Central Bank of Ireland.