Income Protection

How does your company compare?

A recent survey found that over half (52% of employers) admitted that they had not consulted their staff about healthcare and income protection benefits. This goes to explain why only 11% of employers feel staff are happy with the health benefits that they are offered by their company. 75% of a typical company’s staff claim there is a lot of room for improvement in healthcare and insurance provisions.

Whilst 76% of staff would like the offer of health insurance only 20% of firms do offer it. And, 67% of employees would like group life insurance cover but only 12% of companies provide it.


group health insurance quoteWhilst many employers find absence costs them vis-a-vis expenses such as sick pay, there are additional expenses including recruiting and training temporary staff that can cripple their profit margins. The extent of the problem can be seen in recent published surveys (CBI) that show an average cost last year of approximately £476 per employee.

Whilst there is a serious issue of workplace absenteeism, poor attendance is not a problem that employers have to live with. They can take strategic action to reduce absence levels and limit the financial impact of absence. There are encouraging signs that employers, large and small, are becoming increasingly aware of the costs, and that group income protection schemes can provide some of the support that they need.

The main benefit to an employer for offering a group health scheme to employees is that it can reduce the amount of time employees are off due to ill health. This is because it is possible to be diagnosed and treated a lot quicker within the private sector. Not only do your company employees feel more loyal to you as an employer who looks after their health, but they are diagnosed, treated and back at work in quick time.


company health insuranceCould your company benefit from a Group Health Insurance Protection scheme? Insurance companies will be delighted to give you an insurance quote and to discuss your company healthcare insurance needs with you. Fully independent health insurance brokers with access to a wide range of health insurance schemes are there to help. They can tailor your needs to the best insurance plans on the market according to your particular staff and management needs.

They can advise and arrange group cover for you on the following :-

CRITICAL ILLNESS INSURANCE UK – Bringing your Group the Best in Healthcare Insurance

Group Income Protection Insurance -  Group Income Protection Cover

Group Income Protection Insurance acts like a safety net for employees and the business. Many businesses depend on their staff to keep it running smoothly. Many times they purchase Group Income Protection Cover so that they can retain their staff. Usually they purchase this insurance for a Company Director or valued employee. Many times the employee earns a very high salary and is important to the company. The insurance provider will pay the benefits to the business. If that employee is unable to work, the company will decide what to do with the funds. If the employee is locked into a contract, many times the employer will have to pay them for a certain amount of time. With Group Income Protection Insurance, the company would be covered for the money they are out because of his illness or accident. If the employee is not locked into a contract, the company will still have the expense of hiring another employee to replace him. The business will be fully covered with this insurance if that should happen.

Some companies offer Group Income Protection Cover as part of a benefits package. This kind of insurance is very attractive to workers. The business can pay the employee with the funds they receive, until the employee recovers and comes back to work. In most cases, the insurance provider will pay up to 75 percent of the employees yearly salary. They will pay out after the deferred period expires, but it all depends on the coverage plan. On the bright side, this kind of expense can be classified as a business expense. Many people in the UK become unemployed due to an accident or illness, so it would be in their best interest to provide employees with executive income insurance.

If you are offering the benefits to the employee, you will be able to choose how much the employee will receive and the maximum time period that he will be able to receive the benefits. You can have them receive benefits for a few years, or until they retire. Some policies do provide hospitalisation benefits. Sometimes they are already included in the cheap Income Protection plan. If you are interested in applying for this coverage, take the time to compare plans and prices. Keep in mind that there are restrictions, so you should always read about the plan carefully. Rates vary among insurance providers, so take the time to shop around for a cheap Income Protection policy that suits your needs.

Group Income Protection offers you protection when a Company Director becomes ill or injured. In addition, the expense for Company Directors Income Protection can be classified as one of your business expenses. After filing a claim, you can have the payment go straight to the Company Director. It will cover his salary up to 75 percent. Company Directors Income Protection Insurance is valuable and it will provide peace of mind for your valued employees.
So how does this kind of policy work? You will be able to choose the amount of coverage you would like, and how long he/she will be able to collect. The Company Director will receive a large portion of his gross salary. Policies vary among insurance providers, and you can choose to have payments sent for 2, 3, 5 years or until they reach the normal retirement age.

The employer can also have the payments sent to the company, if they like. The costs of employee absences are very high, so this insurance will provide businesses with the money that they need. The employer can choose to pay the Company Director or not. The employer can choose to hire another employee and pay for the costs with the insurance. If an employee is unable to work and they are locked into a contract, the employer can use the funds to pay the employee.
Group Income Protection Cover will protect your business when a valued employee becomes sick. You have the option to receive the funds so you can use the money as you wish. Many businesses offer this kind of insurance to their valued employees, as part of a benefits package. Some companies offer the insurance because they want to retain their valued staff. They know that they need their employees in order for their business to be successful.
If you are not sure what Cheap Income Protection would be best for your employees or group income protection, speak to your financial advisor. He can go over the terms of the insurance plan and guide you in the right direction.