Group Income Protection
In the event of a member of staff being unable to work due to an accident or illness, a group income protection policy will provide a regular payment to the company after a deferred period (usually three, six or twelve months). The benefit will continue to be paid until either the employee is able to return to work or until they reach retirement age.
The purpose of this type of scheme is to provide a way for an employer to continue to pay a proportion of an employees salary if they are unable to work. This type of scheme may be offered as an employee benefit paid for by the company or it may be an option that an employee can choose to join and pay for themselves. By providing income protection on a group basis premiums are normally cheaper than if employees take out policies individually.
