Group income protection is an excellent benefit to both employers and employees. It offers income protection to employees when needed and helps employers attract and keep valued workers. 

With Group Income Protection, employees can continue to receive a percentage of their income when out of work, and employers will get a tax break while keeping the workforce happy. 

Many companies and employees in Ireland are discovering the benefits of Group Income Protection and are investing in policies to suit everyone involved. 

At Insure Your Income, we work with the top income insurance providers to bring you the best value on the market for Group Income Protection.

Group Income Protection

What is Group Income Protection Cover?

Group Income Protection is an income protection plan offered by companies which gives employees an income when off work due to illness or disability. 

The company offers employees the group income protection plan, and the employer pays for premiums. If an employee falls ill and is off work, they can claim the income protection after a specified number of days or weeks. 

The Group Income Protection plan will pay the employee up to 75% of their existing salary for an agreed number of weeks, helping them at what can be a very difficult time. 

Employees get peace of mind knowing they are protected if they are off work, and employers benefit by having happy employees and by getting tax breaks on premiums.

Why is Income protection so popular in Ireland?

  • The government pays 40% of your premium each year
  • You can lock in a low price when you’re young that stays fixed for your entire working life
  • Guaranteed monthly payments when you are sick or injured and cannot work

Benefits of Group Income Protection for employers

The benefits of Group Income Protection for employers range from attracting top talent to accessing tax benefits and a happy workforce. 

If an employer can keep employees happy and save tax at the same time, what’s not to like about Group Income Protection? 

Some of the benefits of Group Income Protection are clear from day one, while others become obvious over the first couple of years. 

The benefits of Group Income Protection for employers are:

Attracting top talent to the company is always a priority. The more incentives you can offer prospective employees, the easier it will be to attract them to come on board. 

Income protection is a vital piece of insurance for all employees. If you can offer a Group Income Protection plan which covers their salary when ill, you will be one step ahead of others in attracting top talent to the company. 

A Group Income Protection scheme is an excellent tool when recruiting staff.

Tax benefits on premiums is one of those Group Income Protection benefits that not everyone is aware of initially. 

The great news is that the company can write off premium payments against corporation tax and save money along the way. 

Your company will benefit by having an attractive option for staff while you access tax relief when paying for it.

Retaining staff, especially the valued ones who can be difficult to replace, must be a number one priority for all companies. An excellent way of retaining staff is by offering benefits such as a Group Income Protection scheme. 

Staff will know they are valued. They will also know that if they fall ill, they can still receive an income and will not get into financial difficulties. 

Your staff may also avail of rehab programmes to help get them back to work and will appreciate the efforts the company makes for them.

Staff and company satisfaction is always a good sign; customers and business partners will see it when working with you. A happy staff will always go that extra mile when asked, and the company will function better as a team. 

A Group Income Protection plan adds to staff satisfaction. Those who have claimed it will tell others about the benefits and keep the company a happy place to work.

Tailored plans for your company can help you offer the best Group Income Protection scheme to your employees. By tailoring the terms and benefits, you can ensure your plan works best for all employees. 

Options include salary cover, pension payments, deferred periods, lengths of cover and accessing rehab programmes for getting staff back to work.

Getting staff back to work when they are off ill can be a big boon for employers. If you can get valued staff members back at their desks as soon as possible, it will help continuity and save on employing temporary staff. 

Rehab programmes help with getting staff back to work. Helping them to access the right treatments or adjusting work schedules may get staff back to work and reduce unnecessary sick leave. 

A Group Income Protection plan can significantly benefit employers when staff fall ill or are in an accident. 

The Group Income Protection plan can also benefit employees and be an excellent way to attract, retain and keep staff happy in the workplace.

Benefits of Group Income Protection for employees

The benefits of Group Income Protection for employees range from peace of mind to free cover for their policies. Staff will benefit from being part of a Group Income Protection scheme, and the right policy will boost the company in many ways. 

Benefits of the Group Income Protection for employees are:

It is a big benefit to staff knowing their income is protected when they fall ill. Too often staff can be left with sick pay which runs out quickly or illness benefit which is only €220 per week. 

Bills, loan repayments and other costs of living still need to be paid. The Group Income Protection scheme can give them most of their salary when needed the most. 

Staff knowing that they can claim income protection are happy employees and stay with the company.

Having the premiums covered by their employer is a saving to all employees. They will not have to pay for the income protection, and if they are off work ill, their salary is protected by the scheme. 

Staff can be happy knowing income protection is in place and that it is not costing them a cent from their salary.

Rehab programmes to help get back to work are a benefit that is not noticed until staff need to avail of them. 

A staff member may be off ill for a while and not have a clear path back to work. Without access to therapies and other services, a staff member could be stuck at home and unable to return to work. 

A rehab programme can help them access the correct medical services and see how quickly they can get back to being with their colleagues.

Covering pregnancy complications is another Group Income Protection benefit that is not obvious until you need it. 

Not every pregnancy goes according to plan, and if a member of staff needs to be off work at a stressful time, the last thing they need to worry about is their salary. 

By availing of their income protection, they can keep a salary coming into the home while ensuring their pregnancy goes well.

When the income protection is paid through the company, instead of having to chase down an insurance provider, life becomes a lot easier. 

If a staff member claims their income protection, the insurance company can pay the salary directly through the company accounts. There is not any need to make any special arrangements, and the employer can deduct PRSI, USC and even pension contributions from the income protection payments. 

The benefits of a Group Income Protection scheme are many, and staff will enjoy the security of having the income insurance in place and not having to worry about it.

Benefits of Group Income Protection for employees

Are you eligible for income protection?

Income Protection is an insurance that replaces your income when you become unable to work.

Back to work programs with Group Income Protection

Back to work programs with Group Income Protection can offer employees a clear path back to work. When off work for a while, many employees can become hopeless that they will ever return to the office and may need a helping hand along the way. 

With a Back to Work program, or a Rehab program, the employee can work with a dedicated team who will help them get the correct services and make the changes they need to return to the office. 

The ill employee may need to see the right doctor, get into a physical rehab course or need a change in medications. Often all the employee may need is a change in work schedule or even their position within the company to be able to get back to work. 

Group Income Protection back to work programs can be invaluable to both employees and employers in getting life back to normal after being ill or injured.

How much of an employee’s salary can a Group Income Protection plan cover?

Up to 75% of an employee’s salary can be covered when claiming income protection insurance.

The amount of salary covered depends on the terms of the policy. It can be set at 25%, 50% or 75% or at a level that suits the employee’s income needs.

The total amount of salary paid is also less any other scheme employees can claim, such as illness benefit.

For example, an employee may have a monthly salary of €2000 and be entitled to €400 of government benefits. They can claim for the current salary less the benefits, €2000 minus the €400, or €1600, in other words.

If the income protection policy is for 75%, then they claim for 75% of the €1600, which is €1200. The amount claimed will be paid for the agreed term of the income protection insurance policy.

The employee will receive the income protection payment at the agreed rate and after what is known as the deferred period.

How much of an employee's salary can a Group Income Protection plan cover

What is the deferred period?

The deferred period is the time between when the employee becomes unable to work and when they can claim on the Group Income Protection insurance policy.

In Ireland, income protection insurance can have a deferred period of four weeks, two months or even one year.

The longer the deferred period is, the cheaper a policy may be. The employer can choose the length of the deferred period dependent on how long they cover staff sick pay.

Choosing the correct deferred period is crucial to a good Group Income Protection scheme, helping staff pay bills and get back to work after an illness.

What is the deferred period

How long will an employee’s wages be covered?

The Group Income Protection scheme will cover an employee’s wages for as long as the agreed period of the policy. 

Each Group Income Protection scheme will have terms for covering the employee’s income. It may be 13 weeks, 26 weeks or 52 weeks, and policy premiums will reflect the cost of providing the different levels of cover. 

You can tailor the policy to offer a length of time for paying an employee’s salary and the chosen Deferred Period. 

The longer the Deferred Period, the longer the time an employee’s salary can be paid. 

Employees can also avail of the rehab programs to help get back to work before the salary payments cease.

Get Group Income Protection for your company

Get the best deals on Group Income Protection when you contact us at Insure Your Income. We have expert staff on board who will guide and advise your company on which policy suits your needs.

Attract and retain staff by offering Income Protection Insurance to help them when they are sick and off work. Staff will need cover when that time comes, and the last thing they want is to find that their income won’t pay the bills.

Income protection premium payments are eligible for tax relief. When paying to protect your staff’s income, the government also gives you money back each month.

Sounds like a good deal, doesn’t it?

Contact us today for all your Group Income Protection insurance needs.

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