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Income Protection Insurance

An Income Protection scheme will provide an employee with a regular income if they are unable to work through long term illness or disability and will continue to be paid until the employee is fit enough to return to work or retires whichever is sooner.

The commencement of the benefit is usually established to coincide with the end of any company sick pay. For example if the company offers full pay for 3 months and half pay for 3 months the Income Protection scheme would pay out after 6 months. This is referred to as the deferred period.

The maximum level of income that can be secured through an Income Protection scheme is 75% of salary although around 50% of salary is more usual. In the event of a claim, the benefit is paid to the employer and passed on to the employee through the PAYE system minus tax and national insurance. The benefit is not classed as a P11D.


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