Personal Group offers Voluntary Group Income Protection plans

Mon, 16 Jun 2008

Voluntary Group Income Protection plans (VGIPs) provided by Personal Group will change the way income protection is available to individual employees .

VGIPs will allow employees to get a regular monthly income benefit if they are ill or injured and not able to work for a continuous period of time. Also, if groups of employees join the scheme, members will benefit from reduced premiums and increased cover.

Katrine Johnston, Key Account Director at Personal Group explained: "VGIPs are designed to provide an affordable income protection solution for skilled and semi-skilled workers . The premiums are paid by the employee via salary sacrifice and this means the monthly payments are net of income tax and national insurance contributions making the contributions very affordable."

Ms Johnstone added that in addition, the employer would save their contribution of national insurance on the amount of premium being sacrificed. The scheme will also be on average 30 to 40 per cent cheaper for an employee than if they were to derive the income protection themselves.
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