Thomas Carroll Independent Financial Advisers offer expert advice on Income Protection schemes.
An income protection scheme is designed to help employers to manage long term sickness absence more effectively. By providing a guaranteed income for employees who are unable to work as a result of illness or injury, an employer can help to support them financially through what can be an emotionally and financially stressful time.
As well as financial support the scheme insurer will offer help and support during rehabilitation and return to work. Some schemes also include an Employee Assistance Programme which provides anonymous counselling to all employees on a variety of family, health and legal matters.
Group Income Protection benefits can be provided in many different forms, often as a percentage of the employee’s gross pay after adjustment for the level of State incapacity benefit. The benefit is paid to the employer who deducts tax and National Insurance before passing it on to the employee.
A scheme free cover limit, available from a scheme containing from 3 members upwards, will allow some members to join the scheme without the need to supply medical information.
Premiums are allowable as a business expense and are not taxable as a benefit in kind from the employee’s point of view.
We would be delighted to review your current arrangements and discuss our Income Protection proposition with you. Whatever the nature of the review, as a Chartered Financial Adviser, you can be assured that we will provide a solution that is based entirely on your needs.