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Income protection can provide a financial benefit if the employee cannot work due to a long-term illness or injury.

A group income protection can benefit companies to help manage sickness and rehabilitation costs to enable member of staff to get back to work and reduce the period of absence and impact on the business. It also helps the employee at a difficult time and reduce money worries.

Benefits are usually based on an employee’s earnings. Typically, the insurance pays a percentage of the employees’ pre-disability salary between 50-75%. Payments usually begin after the employee has been absent for 6 months as this coincides with the length of UK statutory sick pay. The payments will continue until the employee is able to return or they reach the end of the payment period insured under the policy or in some cases until the employee reaches state pension age.

Cover is cost effective compared to an individual purchasing income protection and easy to set up, most insurers don’t need any medical information.

For more information on Income Protection, please contact us.