Income protection

Income protection

Have you considered income protection insurance?


What is income protection insurance?

Income protection insurance provides you with a replacement income if you are off work long-term through illness or injury. Group income protection, for businesses, helps employers to safeguard the wellbeing of their staff by providing them with this cover.


How can long-term illness or injury affect businesses?

Our research shows that sickness absence can cost an organisation up to 16% of payroll – but not many companies have a policy in place. 

  • Employees on sick leave have to be paid - Statutory Sick Pay must be paid for 28 weeks, but many employers feel obliged to extend this
  • Staff may have to cover for sick colleagues, impacting production, overtime payments and employee morale
  • New staff must be trained to provide a replacement, temporarily or permanently.


What are the benefits of income protection insurance?

For employers:

  • The cost of long-term staff absence through illness or injury is reduced
  • The policy covers paying extended Statutory Sick Pay
  • Employers can also cover other Associated Business Costs on the policy, e.g., pension and National Insurance contributions and Group Life premiums.

For employees:

  • An income if they are unable to work because of long-term illness or injury
  • Financial security for themselves and their dependents
  • No need to rely on State Incapacity Benefits, which are difficult to claim and often not enough.


Are you looking to take out an income protection policy?

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