Group Income Protection
Although none of us knows what the future holds, we can plan for some eventualities. Illness, accident or disability can affect anyone, resulting in a prolonged period of time off work and significantly affecting income. Income Protection provides a vital safety net at a difficult time, while helping employers to support their staff, manage absence, and control the costs of long-term absence.
What is Group Income Protection?
Group Income Protection is a policy designed to protect both employer and employee from the financial consequences of long-term absence.
Who needs Group Income Protection?
Everyone. State benefits provide a safety net but it is a fragile one, providing only minimal support during long-term sickness.
Why would we take out a Group Income Protection policy?
For a variety of reasons. As well as paying a ‘salary’ to an employee making a claim, a Group Income Protection policy helps employers manage absence by providing comprehensive claims-management services. Studies have shown that income protection policies can even reduce absence and help to control payroll costs.
Do employees really value such a policy?
Yes, though much depends on how well it is understood. In some sectors, candidates regard it as an essential element of the employer’s offer of a post. In others, employees only really understand its value to them when they need to make a claim.
How will employees be made aware that they have income protection?
Premier Choice’s comprehensive communication service will help promote employees’ awareness of the cover, what it offers, and how to claim.
How much does Group Income Protection cost?
Usually around 1% of salary roll.
Does Group Income Protection replace sick pay?
This can vary, according to the contract of employment. Many employers take this as an opportunity to revisit their contracts. Generally, the cover begins when sick pay finishes.
Do we have to cover all employees?
No. You can elect to cover some categories of staff.
Do all employees have the same level of cover?
Again, you decide which level of cover to provide for different categories of employee. We can help design a scheme that will suit your business needs..
Can we cover employees who are based overseas?
Yes, provided the employee is registered in the UK.
Is the benefit paid taxable?
Yes. It works in the same way as a salary, and is subject to tax and National Insurance in the usual way. This is NOT a P11D benefit.
How can Premier Choice help me?
We have been running Group Income Protection schemes for a considerable time, and everything we do is designed to give you the best possible service. We bring our expertise to help design and implement the right scheme for your business, and make sure it runs smoothly with our innovative, award-winning claims management system.
Get a Free Quote
Want to know more? Call free on 0800 970 1618 or click on the link below to enquire online. Speak to a member of our team to see how we can tailor a package to suit your specific needs and receive a FREE no obligation quote.FREE Quote