Group Income Protection for Businesses – How you can reward your employees

Group Income Protection gives access to a range of professionally delivered workplace wellbeing solutions, added value services, provides rehabilitation and financial support. It adds value to your business as an important addition to a modern benefits package.

  • Help with managing the cost of long-term sickness absence
  • Long-term employee absences can have a huge impact on businesses.
  • Group Income Protection rehabilitation services aim to reduce lengthy absences by providing early intervention and pro-actively managing employee health issues.

A policy like this can therefore:

  • providing financial support to your employees
  • helping employees back to fitness
  • re-engaging employees with your business

Why your employees need financial support

Long-term sickness can affect daily life in a big way. And on top of dealing with the emotional and physical challenges, your employees may also have to deal with financial issues, which could spiral out of control. State benefits may be available when things go wrong, but these might not be as favourable or as comprehensive as we sometimes imagine.

  • Flexible policy design – policies offer a range of benefit levels and payment terms, designed to meet the needs and budgets of individual businesses.
  • Flexibility to choose which employees to cover you can select the level of cover and to whom it can apply, creating different categories of membership to suit your budget requirements.
  • Flexibility over how much cover to offer you can choose the income benefits as a percentage of the member’s gross earnings. You select the benefit level depending upon your budget, as a percentage of the member’s earnings.
  • Some policies offer flexible underwriting which means that medical information is not needed if cover is below a certain limit.

What value does Group Income Protection offer your business?

Group Income Protection cover offers you the opportunity to stand out from your competitors. Here are more ways it gives you value for your money:

  • Retention and hiring – Offering Group Income Protection cover as part of an employee’s benefit package helps you show your commitment to your workforce. It can also help make you an attractive employer to potential recruits.
  • Value for money – Group Income Protection usually costs less than an employee would pay when choosing to buy it privately.
  • Tax – Benefit payments are subject to tax. Premiums will normally qualify as an allowable business expense and therefore qualify for corporation tax relief. All references to taxation are based on our understanding of current law and tax practices, which could change in the future.
  • Flexibility – You can combine Group Income Protection with our other policies, such as Group Critical Illness, and Group Life or Group Spouse/Partner Life cover – building an employee benefits package that really stands out.

Speak to our expert advisers about our group protection policies such as Group Life, Group Critical Illness Cover and Group Spouse/Partner cover. Call 01224 316200 or fill in our online enquiry form.

Please note for these insurance products, terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.