Group income protection insurance provides financial security in the event of long-term illness or injury; protecting employees against the very real risk of being unable to work. Cover is simple to set up, cost effective and usually no medical questions are asked of employees. Claimants will receive ongoing rehabilitation throughout the duration of their absence, often starting long before benefit payments begin.
Income protection is no longer simply an employee benefit, it’s a business benefit too. With group income protection insurance products offering immediate business benefits such as employee assistance programmes, early intervention and rehabilitation, employers benefit almost instantly from a product that is traditionally viewed as only providing a benefit to the employee.
However, in our recent employee benefits research we found just 13% of employees we surveyed chose income protection insurance as one of their top three most valued benefits. 12% of employers surveyed provide income protection to their staff, which was a 3% decrease from last year.
So how can we get more employers buying into this important cover? Well, better communication will help as we suspect that many employers and employees are unaware of how valuable this cover can be. So we’ve created this short video which explains simply what group income protection is and how it works. Have a watch and let us know what you think on Twitter.
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