group income protection
Good work provides a sense of purpose, achievement and social
interaction. Sometimes illness or injury mean an employee can’t work for
some time, Group Income Protection can pay a replacement income so
that the employee needn’t worry about their finances whilst not working.
It also offers support and assistance to employers in many ways. Early interventions and rehabilitation can be used to help manage and reduce both long-term and short-term absence.
XYZ Ltd took a Group Income Protection policy out in order to provide financial and rehabilitation support if an employee was unable to work because of a long-term illness or injury.
They wanted to pay their employees 75% of their salary if they were off sick to help them return to work when they were better. To offer their ten employees this cover, it would cost them an annual premium of £489.60 for a total benefit of £171,750. This would cover an employee if they were off work for two years.
benefits:
- Under current UK tax laws, your premiums usually qualify as an allowable business expense.
- Employees receive a percentage of their monthly salary to provide them with a level of income if they are unable to work through long-term illness or injury.
- Access to an early intervention team, who will help employers manage workplace absence with the aim of reducing long-term absence in your business and managing an employee's return to work.
- Promoting wellbeing in your workplace can help create a healthier, happier workforce.
- Save on the cost of sick pay and the time spent managing absences.