Group Income Protection

What is Group Income Protection?

Group Income Protection is a benefit designed to enable employers to provide an income to employees who are unable to work as a result of illness or injury.  The benefit can be tailored to suit your company’s needs and can also provide different levels of cover for different employee levels.

Before the benefit commences, an employee would need to be absent for a predetermined amount of time, referred to as the ‘deferred period’.  The benefit is paid monthly by the insurer direct to the employer.  This is passed on to the employee through payroll with the normal tax and NI deductions.

You can elect for any claim in payment to continue until the claimant reaches a pre-determined age or a set number of years.

Any benefit payable will be reviewed periodically to assess the employees’ current situation.

The benefit does not attract a P11d tax liability.

Goddard Perry Consultingwill work with you, providing guidance and support to ensure the benefits you provide meet with your company and employee needs.  Our service includes:

Planning & Consulting

  • Initial meeting to understand your business and employee needs and create a project plan.
  • Analysis of any existing arrangements, and if required a full market review to source and recommend a suitable arrangement.
  • Consultation and advice on the key points to consider, your scheme design and identification of any other relevant issues.

Implementation and Employee Communications

  • Full assistance with the implementation of the arrangement.
  • Provision of an employee communication strategy to ensure they are made aware of the cover to be provided.
  • Assistance with completion of the insurers application documents and ensuring that cover is in place and documented correctly.

Ongoing Services

  • Managing your scheme renewals each year.
  • At each rate expiry (usually every 2 years) we will also conduct a market review to ensure your provider remains suitable. A clear and concise report will be provided making a recommendation to enable you to make an informed decision for the benefit of the company and employees.
  • Annual review of staff data to ensure all employees remain covered and eligible and to identify whether a mid-term review is required.
  • Assistance with underwriting claims.
  • Keep you informed of Legislative changes which may affect the benefits you provide.
  • Inform you of any valuable additional benefits provided by the insurer you have chosen.
  • We can also provide a market review which falls outside of the rate guarantee period.

If you require more information or assistance regarding possible Group Income Protection requirements please email us.

Goddard Perry Consulting