Group Income Protection
Have you ever looked at ways of cutting the cost of your company's long term absence? In 2004-05 35 Million working days were lost to UK businesses to ill health and work related injury. Group Income Protection is designed to minimise the impact long term absence can have on your company.
Over 95% of employee absence is short term but long term absence (LTA) accounts for 33% of days lost in the UK.
Long term sickness manifests itself in many ways from increased colleagues' workloads to paying for temporary staff cover. Companies have to pick up the cost of this. LTA is estimated to be as much as 16% of payroll where as the cost of Group Income protection is as little as 1% of payroll.
Benefit is paid as a percentage of salary after a deferment period of at least 4 weeks.
Benefits for Employees
- Replacement Income: Percentage of salary paid to the employee when they are on LTA.
- Full Claims Support: The insurer will work closely with claimants to try and get them back to work as soon as possible.
- Be Part of a Caring Company: Be part of a company that takes your health and well being seriously.
- Free Cover Limit: The employee will be guaranteed a minimum benefit regardless of their medical history.
Benefits for Employers
- Manage the Cost of Long Term Absence: Offering effective solutions and advice on LTA as part of an absence management programme.
- Staff Retention and Recruitment: In an ever more competitive employment market, this is an attractive cost effective benefit to offer employees.
- Claims Management: The providers will do full claims assessments to ensure the progress of individual employee recuperation. The employees return to work is paramount.
- Reduce Staff Long Term Disability: GIP helps prevent serious injury becoming a permanent disability and help companies comply with the disabilities discrimination act by allowing employers more time to adjust to the employees new circumstances.
What Next ...
- Freephone Health Matters (UK) on 0800 988 0085
- We will discuss the best options for you and make recommendations