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Group Income Protection Insurance

Group Income Protection will provide a greatly valued protective benefit

A short guide to our Group Income Protection Insurance support

Group Income Protection will provide a proportion of income to your employees if unable to work, and where possible, will assist your employee in returning back to work. 

Income protection

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 benefits

  • Group Income Protection Insurance provides employees a fantastic protective employee benefit. It’ll maintain an income should an individual be unable to work. This can ease any worries and concerns for employees of how their day to day lifesytle will be maintained in the event of illness or disability.
  • Permanent Health Insurance will also provide provision in retirement, because all the time a claim is in payment, it’ll typically provide a level of personal and state provision towards retirement.
  • Group Income Protection Insurance will provide help and support to employees so they can return to work.
  • Permanent Health Insurance will conduct medical examinations to ensure the validity of any employees claim.
  • Group Income Protection often has Employee Assistance Programmes (EAP) included in the benefit. EAP will provide telephone and face to face counselling in the event of bereavements, financial difficulties, and other personal circumstances.
  • Group Income Protection will typically be paid tax free to your company. The benefit is then passed to the employee via normal PAYE.
  • You can select the level of cover to meet your company’s budget.
  • Group Permanent Health Insurance is not deemed by HMRC as a benefit in kind (taxable benefit). Therefore Group Income Protection is no cost to the employee.
  • The cost of Permanent Health Insurance is typically less than if purchased individually. This is because the risk is spread over a group of employees.
  • 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.

Key Group Income Protection product considerations

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. Here are some areas to be aware of:

  • What level of cover do you want to put in place? 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?

Key company considerations

At Bigmore Benefits part of our objective is to obtain as much important information from you, so we can assist you to make the right decisions for your company.  Here are some of the key considerations we would discuss, when helping you reach a decision:

  • What is the current and future anticipated demographic of your workforce?
  • What is your budget?
  • What are the growth plans for your business?
  • What are your competitors providing their employees?
  • What are your current levels of sickness?
  • What proportion of your employees have partner and/or children?
  • What range of roles do your employees perform?
  • Do you want to provide the same level of cover to all employees, or provide a different level of cover for different categories of employees?
  • Are there any timing considerations for implementing cover? For example, do you want to align your Group Permanent Health policy with your company’s financial year?

Request a quote

We believe we provide the most comprehensive service available for Small Medium Enterprises. We will:

Have an initial discussion to find out your requirements.

Quote the market
Find the most suitable product within your budget.

Report and Recommendations
Report our findings, including a full recommendation outlining our reasons.

Full Implementation
Implement the scheme and provide comprehensive communications to your employees so they fully value the benefit.

Ongoing Support
Provide ongoing support to both you and your employees

Bigmore Employee Benefits

Telephone: 01932 253939
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"We have found CB Benefits’s service to be very personal and the benefits briefing sessions are highly informative for all our staff. The service is also extremely cost effective and has saved us a huge amount of time. Their advice and support is a valuable asset to the small human resource team at Opodo."

Sarah Constable
HR Business Partner, Opodo

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