Group Income Protection Insurance

Group Income Protection will provide a portion of income to your employees if they are unable to work due to injury of illness.

Where possible, it will also assist your employees in returning back to work.

Group Income protection Insurance is also known as Permanent Health Insurance. It provides a proportion of salary after a deferred period, if an employee is unable to work through either sickness or disability. It will continue to pay the employee an income a designated amount of time, or when they return back to work, whichever is the soonest.

The Benefit for Your People

The financial implications of missing a significant amount of work due to illness or injury can lead to higher stress levels.

Group Income Protection helps take away some of that stress, allowing a person to focus on their health rather than their bank account. Most Group Income Protection schemes will have a Free Cover Level applied. This means all employees are automatically covered up to a designated salary level, without the need for further medical underwriting. There are options for level of cover available and you are able to choose one that suits your budget.

The sum available to the employee will typically be paid tax free to your company. The benefit is then passed to the employee via normal PAYE. furthermore, it is not deemed by HMRC as a benefit in kind (taxable benefit). Therefore Group Income Protection is no cost to the employee.

Group Income Protections also often come with access to an Employee Assistance Programme (EAP).

Is Group Income Protection right for your business?

Group Income Protection Insurance is one of the more complex Employee Benefits and without a full understanding of the key considerations, companies can end up putting a benefit in place which does not fulfil the overall objective. Working with Bigmore Benefits as your partner, the types of things we will review and discuss ahead of our recommendations are:

With the Product

What level of cover do you want to put in place? Do you want the same level of cover for everyone? Group coverage will typically be at either 50% of salary or 75% of salary.
When do you want the benefit to begin for employees, and have you thought about how this will interact with your company sick pay?
What level of pension contributions would you like to cover?
Do you wish for the income to escalate in payment?
Do you wish for an in payment cap to be applied?
What free cover limit is available to your company and how many of your employees will require further underwriting?

With the Client

Your budget
Workforce demographic and the roles they perform
Current levels of sickness and injury
The proportion of your employees have partner and/or children/dependants
Business growth plans
Common schemes offered in your industry
Timing considerations for implementation. For example, do you want to align your Group Income Protection policy with your company’s financial year?

Our Process

Consult

We will have an initial meeting to discuss your requirements

Quote the Market

We find the most suitable product(s) within your budget

Report and Recommendations

When we report our findings, including a full recommendation outlining our rationale.

Full Implementation

We implement the scheme and provide comprehensive communications to your employees so they fully value the benefit.

Ongoing Support

We provide ongoing support to you and your employees.

Contact Us

Book a discovery call with Bigmore Benefits for your free no obligation quote.

Connect with Us

We are here to help you

Request a quote and experience our top class support first hand.

Please use the form below to get in touch with us.