Group Income Protection Scheme.

BostonR

My wife is 60 and works in a senior position in Pharma. Her salary is circa £80K less bonus, car-allowance and LTI's. She has worked in her current company for 5yrs.

For the first time in her career she fell ill after Xmas and underwent major spinal surgery. She has not returned to work and has been signed-off by her GP. Her company have notified here that her company full sick pay will end at the end of August. It is unlikely that she is fit to return to work again in any major capacity.

Her company have offered to support her and see if she is eligible for the Company Income Protection Scheme. Does anyone have any experience or advice on how this process works. In her company policy documents it states that the benefit offers 50% pay for 36 months. Any advice would be welcome.

BostonR 

Weighty1

The insurance company will obtain your wife's medical records to determine that she is unfit for work and provided she is, and continues to be she would receive the income for that 3-year period.  That income would still be taxed and have NI deductions and would be paid on a PAYE basis.  On the basis she had major spinal surgery it sounds like a fiarly open and shut case.  It's important your wife completes any forms asap though as the insurer having to obtain her medical records will likely take several weeks as they are not the top of most GP's priority list.

csgohan4

Another thread why people who don't have income protection, seriously should consider this, as well as life assurance when they are young and fit and therefore cheap


Good luck and hope it works out well OP