Group Income Protection
Group Income Protection (GIP) provides a continuing source of income / replacement of a portion of salary for employees once an illness or injury prevents them from working for a prolonged period of time. It can also replace any lost income whereby an employee has to take a part-time or lower paid position because of illness or injury. Group Income Protection Cover is utilized by an employer to cover a promise of long-term sick pay to employees.
Group Income Protection Insurance Benefits
Group Income Protection Insurance Benefits begin to be payable after a pre-arranged waiting period – anytime from four weeks but most commonly six months – and are generally payable until retirement date should that person continue to be in receipt of this payment. Many policies can be integrated to some extent with the State’s incapacity provision.
Currently Group Income Protection (GIP) benefit is commonly provided as a flexible benefit alongside Group Life Cover (GL). The employer usually gets corporation tax relief on premiums and benefits are normally paid to the employee via the employer’s standard payroll system on a monthly basis. The employee pays income tax and any other taxes in the normal way.
Expert advice should always be taken by an insured body or organisation when establishing a group insurance scheme to ensure best practice prevails, all benefits are maximized, costs are minimized and all tax efficiencies are availed of.
Contact us for a Free Initial Discussion about your Group Income Protection Cover. Our experienced Financial Advisor Team are available to give you expert advice on the many benefits of Group Income Protection Cover. Telephone 01-6601016 or email firstname.lastname@example.org.