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DCU Group Income Continuance Plan

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 Income Continuance insurance.

The DCU Group Income Continuance Plan 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 DCU staff members, the security and benefits of this Income Continuance Plan are not available anywhere else. That’s why over 935** DCU staff members are already protected through the Plan.

Key Benefits

  • A replacement income of up to 75% of your salary* 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)
  • Pension Protection Benefit - a further 5% of salary will be paid if you are claiming from the Plan for more than 2 years
  • Tax relief on the contributions that you pay (find out more)
  • A claims service you can trust (find out more)

Why is Income Continuance so important?

*Less any other income to which you may be entitled e.g. half pay, Ill Health Early Retirement Pension, Temporary Rehabilitation Remuneration, State Illness Benefit. You must exhaust your employer’s sick leave entitlements and the Plan deferred period as denoted in the Plan Summary Booklet.
**Source: Cornmarket, January 2016

For more information, call us on:

How much does it cost?

The DCU Group Income Continuance Plan is designed to be affordable for every member. It is remarkably good value because it’s negotiated on a special ‘group basis’ exclusively for DCU staff members and harnesses the purchasing power of the collective.

The contribution rate is currently set at 2.26% of gross salary.

Tax Relief

You are eligible for tax relief at your highest rate of tax on the part of your contribution going towards Disability Benefit, Death Benefit and Pension Protection Benefit (2.13% of the total 2.26%).

This means that the net contribution rate is only 1.41% 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 Income Continuance insurance in place for you and your family? Membership of the Plan is a small price to pay for the security and peace of mind that this cover provides.

For more information, call us on:

What do I need to know?

Income Continuance is a simple, tax-efficient way to protect your family and livelihood in the event of illness or injury.

Full information about the DCU Group Income Continuance Plan can be accessed via the links below:

Should you have any queries, please call us on:

How to make a claim

Step-by-Step Guide

Please click here for a Step-by-Step Guide to making a claim from the Plan.

Important:

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.
                            Christchurch Square
                            Dublin 8

A Claims Service you can Trust

 

We’re Cornmarket’s in-house, dedicated Income Continuance 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.

We’re here to help you.
Call us on (01) 408 4018 or click here to send us an email.

Important: You must remain an employee of DCU to remain an eligible member of the DCU Group Income Continuance Plan. If you leave the employment with DCU, you must inform Cornmarket in writing as you can no longer stay in the Plan and you will not be able to claim from it.

 

Friends First Life Assurance Company Ltd. is regulated by the Central Bank of Ireland.