Group Income Protection Insurance
Income Protection is also known as Permanent Health Insurance, Loss of Income, Continuance of Income or Long Term Disability and has become increasingly complex over recent years with some insurers withdrawing from the market, and some focusing on niche areas.
An extensive range of products is available with different benefits, policy terms and conditions with a smaller number of insurers specialising in group business. These factors have created a complicated background to these types of arrangements and there is now, more than ever, the need for independent specialist advice.
The objective of a Group Income Protection Plan is to provide a percentage of salary (the benefit) after a pre determined period, in the event of an employee being incapacitated through illness or injury, and unable to follow their own occupation on a temporary or permanent basis. The benefit for the company is to quantify the cost of long term absence for their employees.