Income Protection is a must for companies to ensure staff feel wanted and are looked after financially when they off work due to illness for a lengthy period of time, as well as protecting the interests of the business.
Group Income Protection is a policy which provides the employee with a monthly income if they are unable to work due to an accident or illness which is likely to be long term.
As an employer you decide when you want payments to start otherwise known as deferred period, typically these range from 13 weeks absence up to 52 weeks. The selected period usually coincides with the Employers Sick Pay arrangements; this would in essence mean that the income payments would start as the employer payment finished. As a guide the longer you pay staff when they are off work (deferred period) the lower the premium will be.
Aside from the deferred period the whole benefit structure is flexible and will be structured to meet your specific needs.
What happens if you have no Income Protection ?
Once employer sick pay expires, an employee’s income will be means tested for state benefits. If you are ill or disabled you may qualify for Employment & Support Allowance (ESA) which provides £73.10 per week (£3,801 per annum).
For many employees, this would have a huge impact on their lives. On top of their health concerns this would leave most staff in a financial mess and unable to cover the cost of things like a Mortgage, Loan and the ability to pay general household bills.
Income protection gives peace of mind and support to the employer as well as the employee - talk to the experts now for no obligation - impartial quote.
Help for the employer
Reduce the burden from the company
Help managing illness
Staff are unlikely to be able to survive financially on state benefits alone
Day 1 support for Mental Health
Insurers paid out £467 million in 2017
If you require any help with your Group Income Protection (PHI) needs, please feel free to call us on 01384 456 345. Alternatively, you can use our enquiry form and we will get back to you as soon as possible.