No business can afford to be without its key people; so what would happen if one of your colleagues couldn’t work through illness or injury?  If a valued colleague was badly injured or diagnosed with a serious illness, you would want to give them as much support as possible – reassuring them about their finances and giving them the best opportunity to recover and return to work.  If you could provide that assistance cost effectively – so much the better.

Group Income Protection provides a continuing income for employees if illness or injury prevents them from working for a prolonged period of time.  It can also replace lost income where an employee has to take a part-time or lower paid position because of illness or injury.  A Group Income Protection policy is used by employers to cover a contractual promise of long-term sick to employees.

Benefits kick in after a prearranged waiting period – usually around 6 months – and can be payable until retirement on or for a fixed payment period.  Most policies integrate, to some extent, with State provision.

  • Premiums paid by employers to insure this benefit are tax-deductible and can be offset against their profits for tax purposes
  • Premiums are not treated as a ‘benefit-in-kind’ for employees
  • Benefits are paid directly to the employer who passes it on to a claimant as continuance of earnings, which is taxed as PAYE
Contact Us: 0333 900 8333