Group Income Protection Insurance
If an employee is injured or diagnosed with a long term illness, would they have sufficient savings to finance their standard of living?
What is Group Income Protection?
Group Income Protection is a policy which protects your employee’s gross earnings against the risk of injury or a long term illness. It is normally designed to provide up to 75% of your employee’s gross salary.
Expenses such as children at private school, a mortgage, utility bills, food bills, running a car and possibly repayments on a car need to be considered. Many people don’t stop to think what they would do if their income suddenly came to a halt due to illness or injury.
- Protects your employee’s gross earnings against the risk of injury or a long term illness
- Designed to provide up to 75% of an employee’s salary
- Support your employees through a difficult and stressful time
- Helps to alleviate the cost of employees being absent long term.
The current (2011-12) rate of statutory sick pay is £81.60 per week. If an employee has a mortgage or any other large commitments, it is unlikely that statutory sick pay would be sufficient to cover their financial obligations.
By having Group Income Protection Insurance in place, employees who are unable to work due to injury or illness will receive a guaranteed income, possibly for the rest of their lives.
As an employer, you will be able to support your employees through a difficult, stressful and often emotional time.
Call us now to discuss the benefits of a Group Income Protection scheme for your business.
Which services will we provide?
We will research the market on your behalf and produce a unique comparison report for discussion. Setting up a Group Income Protection scheme can be very complex.
We have experienced staff who will guide you through the technical wording and underwriting within this type of policy. We are always happy to meet with you face to face to go through our report and answer any queries you may have.
Our aim is to shoulder the administrative burden of running such a scheme and ensure the company continues to receive the best possible benefit for the lowest possible premium.
"It's so refreshing to receive a service, help and advice from such dedicated people."
The cost of a Group Income Protection policy will depend on a few different factors:
- The type of occupations your employees have,
- The location of their work,
- Any previous claims with a different provider,
- The age of your employees,
- The amount of protection required.
Group Income Protection helps to alleviate the cost of employees being absent long term. We’ll help both you and your employees if there’s a need to make a claim.
The next step . . .
We charge a refundable fee of £500 to cover the cost of the research involved. This fee is refunded to the company once you decide to proceed with one of our recommendations. Our service is free of charge if you proceed with our recommendation.
All the information we receive from you will be treated in the strictest of confidence and with the utmost discretion.