What is Group Income Protection Insurance?
Group Income Protection Insurance is a type of insurance policy designed for businesses to take out on behalf on their employees. The policy can provide income cover to employees in the event of accidental injury or sickness. It is often seen as a valuable additional benefit that employers can offer their employees.
What is the difference between Individual and Group Income Protection?
Many of the features available with an individual/personal income protection policy are often available with a group income protection insurance policy, however this differs between each provider and policy. Many insurers will provide discounted premiums when buying as a group
Benefits of Group Income Protection
Whilst employees can take out their own personal income protection policies, buying as a group can not only provide monthly cost savings but also additional policy features.
The main benefit of a taking out a policy as a group are the potential savings available as insurers will often quote lower monthly premiums per person. Additionally, as the policy is taken out as a group, the rate is fixed per employee and does not take into consideration age, salary as well as offering the convenience of not requiring medical assessments.
With the buying power of purchasing as a group, its also possible to negotiate additional policy features and benefits for minimal or no extra cost.
These additional benefits can include:
- Increased coverage
- Assistance for payment of bills
- Assistance to return to work
- Reduced waiting periods
- Help to cover funeral expenses
Group Income Protection as an employee benefit
Taking out a group income protection insurance policy to cover your employees can be a highly valuable yet low cost benefit to offer employees. Policies provide cover to employees in the event they are unable to work and help to minimise disruption to family life.
We appreciate that taking out a policy can be complex and with so many options you will want to ensure you choose the right cover for your employees at a favourable monthly rate. We invite you to contact us to discuss your requirements which we can explain on the phone or via a personal presentation to you and/or your employees.
Further Information
Group Income Protection Policies are available for businesses of all sizes. Despite the complex nature, our insurance experts can make the process quick and easy. For further information, or ff you would like to arrange a Group Income Protection policy for your business or workplace, please contact us today.