Save on sick pay and reduce the risk of long-term absence
Providing extra support to staff who are ill or injured can make a world of difference to their recovery. Group Income Protection not only covers an employee’s salary while they take time off, it can also provide access to rehabilitation specialists who will help them return to work as quickly as possible.
What is Group Income Protection?
Group Income Protection is an insurance policy that will pay an employee’s salary if they’re unable to work as a result of illness or injury. Your policy can cover the cost of additional support such as physiotherapy and sessions with a mental health specialist. It can also cover National Insurance contributions, pension contributions and the costs associated with finding and employing temporary or replacement staff.
"At Macbeth we specialise in corporate policies like Group Income Protection. Our approach is simple, combining an honest assessment of your requirements with a clear explanation of all the options available to you. As an Independent Financial Adviser, we have access to the entire insurance market – so we can find the best overall solution that gives you the cover you need at the most competitive price."
– Simon Claxton, financial services specialist at Macbeth
How Group Income Protection benefits your business
Group Income Protection will pay an employee’s salary all the way through to State Pension age – so your business doesn’t incur significant costs while they’re away from work. When income is protected in this way, the employee’s pension, National Insurance contributions and retirement plans can be maintained, despite the break in normal salary payments.
By providing greater financial security, Group Income Protection helps to boost staff morale and motivation, as well as minimising the time they're away from work due to illness or injury.
- Cost effective cover – a Group Income Protection scheme can save your business thousands in sick pay
- Options for initial and final lump sums – to help in the event of a heart attack, stroke or cancer or to fund early retirement as a result of illness or injury
- Choice of cover levels – you only have to pay for the cover you need
- Support from rehab specialists – to help staff recover and return to work more quickly
- Confidence boost – when staff don't have to worry about the financial implications of falling ill or getting injured, they can focus on helping your business grow
Providing extra support to staff who are ill or injured can make a world of difference to their recovery.
Why you should consider Group Income Protection
- When you set up a Group Income Protection scheme, your insurers will take on the responsibility of continuously assessing absent employees to ensure they return to work as soon as they’re ready.
- Generous free cover limits mean that insurers require little or no medical evidence for most employees.
- A benefits package that includes the financial support provided by Group Income Protection is an effective way to attract and retain high-calibre employees.
- Productivity levels are more likely to remain high when staff are relieved of any financial worries.
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"Thanks to Simon and Vikki for your help in organising our Key Person covers. You made the process considerably easier with your knowledge, approach and patience!"