Paul Avis weighs up the differences between employer-led and personal income protection policies
Where an employer does not pay for a group income protection (GIP) policy; where there is no employer as the individual is self-employed or a sole trader, then personal income protection (PIP) can be used to protect a person's income. But what are the differences? Benefits The major difference is that GIP customers are companies, not the people who work for them. The GIP benefit is paid to the employer and treated as earned income, subject to tax and National Insurance, which enables an organisation...
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