Jacobs Financial provides advice to employers on the setting up and review of group income protection (permanent health, “PHI”) insurance schemes for staff.
This cover is taken out to enable a company to continue an employee's salary in the event of long-term sickness or disability. Typically, benefit is insured at 75% of salary and is paid after 6 months’ absence. The premiums paid by the company will normally be treated as a business expense and employees are not taxed on the cost.
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