What would you do if one of your employees was unable to work for a prolonged period? Would they receive Statutory Benefits only? Or would you operate on more of a discretionary basis and continue to pay them? If so, how much does this typically cost your business on an annual basis? It may be worth comparing the cost of this with the cover offered by a Group Income Protection Scheme as it allows you to substitute the unknown cost of funding long-term sick pay with the known cost of the policy premium.
Group Income Protection insures a percentage of the employee’s salary and starts to pay an income to the employer once absence exceeds a deferment period (there is a choice of deferment periods but typically a minimum of 8 weeks). The employer pays the benefit to the employee through normal payroll, and this continues until the employee comes back to work, the end of the payment period is reached, (the employer chooses their payment period options), or dies.
GROUP INCOME PROTECTION
AS WHOLE OF MARKET BROKERS, WE WORK WITH ALL THE LEADING PROVIDERS INCLUDING:
For more information about Group Income Protection download our 'Spotlight Sheet' here.
“I have been working with Excellect for a number of years and can highly recommend them. They are able to tailor our benefits offering to effectively meet the needs of our employees, whilst staying within budget.
The team consistently and without exception provide comprehensive support and guidance with professionalism, expertise, and commitment to ensuring the right outcome. They truly go above and beyond to deliver outstanding results.”