What is group income protection cover?
Group income protection cover is a lifestyle cover which provides monthly income, after a deferred period, to the employee based on a percentage of their salary. This is a proportionate benefit and can save the employer considerable amounts in ongoing sick pay because the insurance company is paying the employee directly, as opposed to the employer. Income protection helps key employees to get back to work by providing them with funds while they recover.
Do I need an Income protection policy?
If you are the sole breadwinner in your family, if you have an expensive lifestyle or if you are self-employed then you should consider taking out an income protection policy.
Group Income Protection policies are not a replacement for personal income protection policies, where, the benefits of group cover to an employer are highlighted below.
Benefits of a Group Income Protection Policy
In our experience, firms that have a spectrum of quality group benefits in place tend to have a higher percentage of long serving employees.
We have found that employees place considerable emphasis on group benefits, which in turn makes them care more about the firm they work for, which has further positive knock on effects for the employer.
A good financial advisory firm can provide expert help with structuring solutions taking into account your businesses financial circumstances and objectives.
Should you require further information, advice or guidance, please do not hesitate to contact Alex or one of the team at Old Bray Financial.