Group income protection is a scheme designed to provide an income for employees if they are unable to work for a prolonged period of time due to illness or injury. Payment begins once a predetermined period called the "deferred period" has passed since the onset of the condition leading to the claim. The deferred period differs according to the specific terms of each scheme, but it is typically 26 or 52 weeks. Where there are at least 10 members a “free cover” limit will normally apply, up to which no medical evidence will be required. Premiums paid by the employer are deductible against corporation tax and will not attract a BIK liability on the employee.
View our factsheet for more detail on Group income protection.
Grant Thornton Financial Counselling Limited is the Financial Planning arm of the Grant Thornton practice in Ireland and has offices in Dublin and in Limerick.
Grant Thornton Financial Counselling Limited is regulated by The Central Bank of Ireland. Registered office: 24-26 City Quay, Dublin 2. Company registration no. 102489.
Grant Thornton is authorised by The Institute of Chartered Accountants in Ireland to conduct investment business under the Investment Intermediaries Act 1995.