INMO Income Protection Scheme
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 Protection insurance.
The INMO Income Protection Scheme 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 INMO members, the security and benefits of this Income Protection Scheme are not available anywhere else. That’s why over 9,960** INMO members are already protected through the Scheme.
- 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)
- Tax relief on the contributions that you pay (find out more)
- A claims service you can trust (find out more)
Why is Income Protection 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 Scheme deferred period as denoted in the Scheme Guide to your Benefits Booklet.
**Source: Cornmarket, January 2016
How much does it cost?
The INMO Income Protection Scheme is designed to be affordable for every member. It is remarkably good value because it’s negotiated on a special ‘group basis’ exclusively for INMO members and harnesses the purchasing power of the Union.
The contribution rate is currently set at 2.33% of gross salary.
You are eligible for tax relief at your highest rate of tax on the part of your contribution going towards Disability Benefit (1.92% of the total 2.33%).
This means that the net contribution rate is only 1.56% 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 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.
What do I need to know?
Income Protection is a simple, tax-efficient way to protect your family and livelihood in the event of illness or injury. Information about the INMO Income Protection Scheme can be accessed via the link below:
The 2016 review of the Scheme has taken place. All changes to the Scheme are effective from the 1st September 2016 and the revised terms are guaranteed until 1st September 2019. Please use the link below to access the review document:
For more information on the Scheme, including the Specified Illnesses covered, policy definitions of each illness and its pre-existing conditions, please click here.
Members of the INMO Income Protection Scheme also receive Preferential Entry into the Cornmarket Retired Members’ Life Cover Plan. For more information, 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
Cornmarket’s in-house, dedicated Salary Protection Claims Team are here if 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.
Important: You must remain a member of the INMO to remain an eligible member of the INMO Income Protection Scheme. If you leave the Union, 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.
Irish Life Assurance plc is regulated by the Central Bank of Ireland.