No business can afford to be without its key people; so what would happen if one of your colleagues couldn’t work through illness or injury? If a valued colleague was badly injured or diagnosed with a serious illness, you would want to give them as much support as possible – reassuring them about their finances and giving them the best opportunity to recover and return to work. If you could provide that assistance cost effectively – so much the better.
Group Income Protection provides a continuing income for employees if illness or injury prevents them from working for a prolonged period of time. It can also replace lost income where an employee has to take a part-time or lower paid position because of illness or injury. A Group Income Protection policy is used by employers to cover a contractual promise of long-term sick to employees.
Benefits kick in after a prearranged waiting period – usually around 6 months – and can be payable until retirement on or for a fixed payment period. Most policies integrate, to some extent, with State provision.
