Group Income Protection

There are a number of important features to the Group Income Protection plan offered by Utmost Corporate Solutions:

Premium Payment

Group Income Protection is provided by a company for its employees i.e. the premiums are paid by the employer. These premiums are not charged to an employee as a Benefit in Kind and employers will also get tax relief on these premiums as a business expense.

Benefit Design

The benefit is typically based on a percentage of salary taking account of the State benefit payable.

Benefit Payment

The benefit payment will help bridge the gap between the employee’s State benefit and the income they need to maintain a reasonable standard of living. If the employee is unable to return to work on a full time basis, proportionate benefit may be payable.

Payment is normally deferred for a specified length of time. This period is known as the deferred period. It is agreed for each scheme and is typically 13, 26 or 52 weeks.

Benefit is payable monthly to the employer who will make payment to the employee subject to tax, PRSI and USC deductions. The benefit is either flat or increases during payment at a rate agreed to provide some protection against future inflation.

Regular contributions to the company pension/life assurance plan can also be insured through Group Income Protection as a supplementary benefit.

Underwriting Requirements

Group Income Protection schemes typically include a free cover limit. This limit reflects scheme membership and salaries. It is the maximum level of benefit that we will provide to an employee without the requirement for the provision of further medical evidence.

Subject to meeting our actively at work requirements, any benefit above this limit will be subject to full underwriting before acceptance terms are issued. Underwriting requirements are generally less strict for Income Protection on a group basis than if an employee applies for cover on an individual basis.

Returning to Work

Providing support and assistance at the earliest stages of illness or injury can have a very positive impact. It can reduce the time that an employee is absent from work and, in some cases, it can prevent a short term absence progressing to a long term absence claim.

We provide a range of return-to-work supports for employees that can help them to get back to work on a full-time or part-time basis.

Total and Permanent Disability

We offer employers the option of providing Total and Permanent Disability cover for employees. This is an alternative to Income Protection cover, where the benefit is paid as a lump sum in the event that the employee is totally, permanently and irreversibly disabled.

Permanent Partial Disability

Employers also have the option of providing Permanent Partial Disability cover. This benefit pays a lump sum to an employee if they become permanently disabled with a degree of permanent disability of 25% or more using the European Disability rating scale, with the percentage of the benefit payable being based on this rating scale.