What is group income protection Aviva?

What is group income protection Aviva?

With our Group Income Protection, we provide financial support and rehabilitation services to your employees if they’re absent from work due to an illness or injury.

Does Aviva do income protection cover?

We offer two different types of income protection insurance.

What is group income protection?

Group Income Protection insurance enables an employer to pay employees a percentage of continued income if illness or injury prevents them from working for a prolonged period of time.

Is group income protection a benefit in kind?

Group Income Protection is not normally considered a taxable benefit in kind for the employee. That means neither employer nor employees usually have to pay additional tax on Group Income Protection premiums. However, HMRC will tax the benefit on a claim via the PAYE system just like wages.

Is income protection the same as critical illness?

Critical illness pays out a lump sum if you are diagnosed with an illness that is set out in the policy conditions, whereas income protection will pay out a guaranteed income in the event that you are unable to work and will continue to do so until you either die, retire or are fit to return to work.

How long will income protection pay out for?

Income protection usually pays out until retirement, death or your return to work, although short-term income protection policies, which last for one or two years, are also available at a lower cost.

How long does group income protection last?

Group income protection (GIP) provides an income to an employee when they are unable to work as a result of an illness of injury. Payment usually starts after a set waiting period, normally six months, and can continue until the employee returns to work or, if earlier, state pension age.

Do employers offer income protection?

Employer provided income protection, or Group Income Protection is insurance cover that employees can only get through their employer. This usually forms part of an employee benefits package. Group Income Protection allows employers to choose a policy that fits their business needs and budget.

How long is income protection paid for?

The benefit period is how long the monthly payments will last if you remain unable to work due to your illness or injury. Most income protection policies offer two or five years, or up to a specific age (such as 65). The longer the benefit period, the more expensive the policy.

Do you pay tax on group income protection?

Are benefits from a group income protection policy taxable? Yes, although by the time you receive the benefit from your employer the tax will already have been paid.

How to contact Aviva adviser for group protection?

For Group Protection help or queries, call. 0800 145 5684. or speak to your Aviva Account Manager. If your query relates to an existing policy, please call. 0800 051 3472. Lines are open 9.00am – 5.00pm, Monday – Friday. For our joint protection, telephone calls may be recorded or monitored and will be saved for a minimum of five years.

What is the income limit for Aviva income protection?

The maximum cover amount is 65% of the first £60,000 of gross earnings plus 45% of any gross earning above £60,000 to a maximum of £240,000 a year (£20,000 a month). Both cover types have no limit on the number of claims that can be made.

What can I do with Aviva Group EAP?

Employees can also access online resources with advice, articles and webinars on everyday topics, from relationships and childcare to bereavement. The EAP is provided by Care first and is offered to all your employees, regardless of whether or not they are covered under our Group Income Protection policy.

Can a business withdraw from Aviva critical illness insurance?

People make businesses work. So, if employees aren’t in good health, neither is the business. The smartphone app and services are available to employees insured under Group Income Protection and Group Critical Illness policies and are provided by Square Health. They are non-contractual benefits that Aviva can withdraw at any time.