Group Income Protection
Group Income Protection (previously known as Group Permanent Health Insurance) provides an income for employees in the event of accident, illness or injury (whether it is incurred in or out of the workplace!) which could prevent the employee from working for a given time.
The benefits usually start after a deferred period, and continue until retirement, or return to work. Many providers now offer a fixed period term also, which can dramatically reduce premium costs for employer, and could have insurance for an additional lump sum. Partial cover is a further option, to replace the loss of income as a result of moving to a lower paid position due to sickness or injury. Schemes can run alongside State incapacity provision in many cases.
Did you know…employers normally receive Corporation Tax Relief on premiums paid to the insurer. Premiums are also not treated as a P11D benefit for employees.
Seeking the relevant advice could prove instrumental in designing your scheme to meet the needs of both employer and employee.
If you would like to see how we could make a difference, please contact us to find out more on 01473 408422 or email us as ifa@wmibl.co.uk
