Salary Protection Public Sector

househunter1

Registered User
Messages
52
Hello,
Any advice on salary protection for public service employees. I know there is an option to join through the Union (Forsa) or would a private policy be a better option?
Thank you
 
What are you insuring against?

If you are near retirement and have a lot of service then it might not be worth it. If you are medically incapable you would just get an actuarially reduced pension which could be quite close to your final pension anyway.

Different story if you are younger and have a lot of dependents.
 
I have another 20+ years to go before retirement so still young(ish).
Have 2 dependents.
Sick pay has been cut back significantly in public sector in recent years so just interested in ensuring we aren't left without my income should the situation arise.
 
I'm in the public service. When I became permanent I was automatically enrolled into an income protection plan and started paying into it. It is not mandatory, i.e. I can stop paying into the plan with some caveats if I want to return to it.

Are you sure you don't already have income protection?
 
Yes i definitely have no income protection policy, havent heard of a policy like yours, that sounds like an ideal situation but unfortunately we dont have anything like that on offer.
 
My employer have moved to auto-enrolment in the income protection scheme.

Cornmarket are the broker.

Irish Life is the underwriter.

The premium fell at the last review, I assume because auto-enrolment brought numbers up, average age down, and average claim down?

The premium is 0.86% of gross salary, that is before tax relief.
 
They don't. It has to be voluntarily bought. Cornmarket have a group scheme or you can get a standalone policy from any Financial Broker.
Thanks Liam. You got me Life Assurance on a property many years ago and its still the best bit of advice I ever got. Many thanks. James.
 
Back
Top