Group Income Protection
“77% of employees think that companies need to offer benefits other than salary to attract and keep the best people.”
Source: RedC research undertaken for Aviva (survey of 631 Irish full and part time workers, July 2017)
In today’s highly competitive job market it is vital to not only attract but also to retain your employees. Group Income Protection is designed to replace up to 75% of your employee’s gross salary in the event they cannot work due to illness or injury. Employees don’t want to worry about their finances when recovering from an illness or injury.
There is also a need to make sure an employer’s business is running smoothly and costs are not doubling to pay an absent employee as well as their replacement. Fortunately, Group Income Protection can help overcome both concerns.
What are the benefits to your staff of Group Income Protection?
- Peace of mind that they will continue to have an income if out of work due to illness or injury.
- Benefit payment can be protected against inflation.
- They are not totally reliant on Social Welfare.
- Monthly premium will be paid by the employer.
- Employee should not be liable for Benefit in Kind on the premiums paid (based on current BIK rules).
- If the employee is unable to return to work, the plan will continue to pay a benefit to the employer until the selected cessation age (55, 60 or 65).
What are the benefits for your Company?
- Group Income Protection can be an important part of your staff’s remuneration package and a feature to support the attraction and retention of employees.
- The scheme can be tailored to complement the company’s sick pay arrangements.
- Under current tax legislation premiums are usually treated as an allowable business expense for tax purposes.
Not all Group Income Protection offerings from the various life companies are the same. At DW Financial we strive to tailor a plan to meet both the employer and the employees’ needs. So talk to one of our team today about how we can help you.