Group income protection enables employers to provide financial security to their staff by guaranteeing a replacement income during any long term absence from work as a result of illness or injury.
At present employers must pay statutory sick pay to any employee off work sick for 28 weeks. Group income protection can help reduce the considerable financial costs the business would incur as a result of paying it themselves. Benefits would be paid until the employee is able to return to work or until the policy ceases, usually retirement. More often than not group income protection schemes also include access to rehabilitation services to encourage the recovery and return to work of the employee.
Not only is this protection policy beneficial to the employer financially but such a benefit is highly regarded by employees, helping to attract a higher caliber of staff.
A policy that offers slightly similar benefits, in that it caters for staff that are ill, is private medical insurance. For more information on PMI please click here.
