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Group Income Protection

This type of policy provides financial protection in the form of income replacement (ie sick pay) for employees who are unable to work due to injury, short or long-term sickness or disability up to the age of retirement. As such it can represent a significant employee benefit to help recruit and retain employees.
Read more

Features:

  • Income Replacement: GIP insurance provides a percentage of an employee's salary as a replacement income if they are unable to work due to a long-term illness or disability. This benefit is typically paid after a pre-defined waiting period, known as the deferred period.
  • Long-Term Coverage: GIP insurance typically covers an employee until retirement age or until they are fit to return to work, depending on the terms of the policy.
  • Rehabilitation Support: Many GIP policies include rehabilitation services to help employees recover and return to work as soon as it is medically possible. This can include access to medical professionals, vocational training, and other support services.
  • Flexible Benefit Options: Employers can often customize GIP insurance to suit their specific needs. They can choose the level of coverage, the waiting period before benefits are paid, and the length of time benefits will be provided.
  • Employee Assistance Programs: Some GIP policies include Employee Assistance Programs (EAPs), which provide confidential counseling and support services to employees and their families for various personal and work-related issues.

Benefits:

  • Financial Security: GIP insurance provides employees with a reliable source of income when they are unable to work due to illness or disability. This helps them maintain their financial stability and meet their financial obligations.
  • Attract and Retain Talent: Offering GIP insurance as part of the employee benefits package can make a business more attractive to potential employees. It demonstrates a commitment to employee well-being and provides a valuable safety net.
  • Reduce Absenteeism: GIP insurance can help reduce long-term absenteeism by providing employees with the support they need to recover and return to work. The rehabilitation services and support offered by GIP policies can facilitate a quicker return to work.
  • Employer Reputation: Providing GIP insurance shows that a business cares about its employees' welfare, which can enhance the company's reputation as an employer of choice.
  • Tax Benefits: In the UK, premiums paid for GIP insurance are generally tax-deductible for businesses, which can provide financial advantages.

It's important to note that the specific features and benefits of GIP insurance can vary depending on the insurance provider and policy terms. Businesses should carefully review policy details, coverage limits, exclusions, and waiting periods before selecting a GIP insurance plan. Consulting with an insurance professional or broker can help businesses find the most suitable coverage for their employees' needs.

Free Quote

Business Health Insurance

This type of policy is designed to ensure directors and employees can seek expert medical attention promptly, namely faster than the NHS, so that they can return to work as soon as reasonably possible. It acts as attractive benefit for potential new employees and a retention device for existing employees.
Read more

Private health insurance for UK businesses offers several features and benefits that can be advantageous for both employers and employees. Here are some key features and benefits of private health insurance for UK businesses:

  • Prompt Access to Healthcare: One of the primary advantages of private health insurance is the ability to access medical services promptly. Private health insurance typically provides faster access to consultations, diagnostic tests, treatments, and surgeries, helping employees receive medical attention quickly and reducing waiting times compared to the NHS.
  • Choice of Specialists and Hospitals: Private health insurance allows employees to choose from a wide network of specialists, consultants, and hospitals. This gives individuals more control over their healthcare decisions and the freedom to select healthcare providers based on personal preferences, reputation, and expertise.
  • Comprehensive Coverage: Private health insurance plans in the UK often offer extensive coverage, including consultations, diagnostic tests, hospital stays, surgeries, cancer treatments, mental health services, physiotherapy, and alternative therapies. Some plans may also cover dental and optical treatments as optional extras.
  • Employee Well-being and Morale: Offering private health insurance as an employee benefit demonstrates a commitment to the well-being and health of employees. It can boost morale, job satisfaction, and overall employee retention rates. Access to private healthcare services can also reduce absenteeism and help employees get back to work more quickly after illness or injury.
  • Reduced Waiting Times: In the UK's National Health Service (NHS), waiting times for certain procedures can be long. Private health insurance enables employees to bypass these waiting lists and receive treatment promptly, which can be especially valuable for non-urgent but necessary procedures that may cause discomfort or affect an individual's quality of life.
  • Access to Experimental Treatments: Private health insurance can sometimes provide access to new or experimental treatments and medications that may not be available through the NHS. This can be particularly important for individuals with complex or rare medical conditions who may benefit from innovative therapies.
  • Additional Services and Support: Many private health insurance providers offer additional services such as 24/7 helplines, nurse advice lines, mental health support, and health and wellness programs. These services can help employees manage their health proactively and provide guidance and support when needed.
  • Flexibility and Customization: Private health insurance plans can be tailored to meet the specific needs of a business and its employees. Employers can choose different levels of coverage, add optional extras, and often adjust the policy to suit their budget and requirements.

It's important for businesses to carefully consider the features, costs, coverage limits, exclusions, and network providers when selecting a private health insurance plan to ensure it aligns with their needs and the needs of their employees.

Free Quote

Executive Income Protection

This type of policy pays out a regular monthly benefit should the insured key employee or director become too ill or injured to work. It is popular with contractors and directors working in their own limited company and covers up to 80% of their income (wages or dividends) in a tax-efficient way. Read more

Executive Income Protection operates in a very similar way to Personal Income Protection, providing a regular income if the person insured is unable to work due to illness or injury.

The main difference between the two types of policy is that Executive Income Protection can cover up to 80% of the individual's income, whether from wages or dividends or both, whereas most standard policies typically only cover up to 60%.

As such, it is an attractive benefit for high-earning small business owners and contractors.

The cost of the premiums is determined by how much cover is required, the age of the individual to be covered, any existing or past health conditions, what their current role entails, how long the cover is to last, and how long they are prepared to defer the first payment.

The premiums are paid by the company and are tax-deductible, which is an additional saving compared to personal policies.

Along with other benefits available, Executive Income Protection can be a valuable component of an overall financial plan, especially those with high incomes and significant financial responsibilities.

Free Quote

Can’t decide?

For free advice, speak to a UK based adviser on
0333 987 3960* (9am-5pm Mon-Fri)

The telephone service is provided in partnership with BQI Protection Ltd and the quotation service is provided by an FCA-authorised insurance specialist

What is Group Income Protection Insurance?

Group Income Protection Insurance is a type of insurance policy purchased by employers to provide income replacement for employees who are unable to work due to long-term illness or disability. Unlike individual income protection policies, GIP covers a group of employees under a single policy, making it a cost-effective solution for employers.

Key Features:

  • Income Replacement: Provides a percentage of the employee’s salary (usually 50%-75%) if they are unable to work due to illness or injury.
  • Tax Benefits: Premiums paid by the employer are generally tax-deductible as a business expense.
  • Employee Retention: Enhances employee benefits packages, aiding in retention and recruitment.
  • Rehabilitation Support: Many policies include access to vocational rehabilitation services to help employees return to work.

Get a FREE Group Income Protection Quote

Need Help?

For expert advice, speak to a UK-based adviser on
0333 987 3960* (9am-7pm Mon-Fri)

Our team of experienced advisers can help guide you through the options and provide access to the best deals in the market.

How Does Group Income Protection Work?

Policy Purchase:

  • The employer purchases a GIP policy from an insurance provider.
  • The policy covers all eligible employees, typically those who have completed a probationary period.

Eligibility and Coverage:

  • Employees are usually automatically enrolled, but some policies may allow employees to opt-out.
  • Coverage is often based on a percentage of the employee’s salary, up to a certain limit.

Waiting Period:

  • Benefits begin after a deferred period, which is the time between when the employee becomes unable to work and when the benefits start. Common deferred periods are 4, 13, 26, or 52 weeks.

Benefit Payment:

  • Once the deferred period has passed, the insurance provider pays the benefit directly to the employer, who then pays the employee.
  • Benefits are typically paid until the employee returns to work, reaches retirement age, or the policy term ends.

Rehabilitation Support:

  • Many GIP policies include access to rehabilitation services, such as physiotherapy or counseling, to help employees recover and return to work.

Benefits of Group Income Protection Insurance

For Employers:

  • Enhanced Employee Benefits: Offering GIP can make a company more attractive to potential employees and help retain current staff.
  • Financial Protection: Reduces the financial burden on the company by ensuring that employees receive income replacement through insurance rather than company funds.
  • Tax Efficiency: Premiums are generally tax-deductible, and benefits paid to employees are usually tax-free.
  • Improved Employee Well-being: Access to rehabilitation services can help employees recover faster and return to work, reducing absenteeism.

For Employees:

  • Financial Security: Provides peace of mind knowing that they will receive a portion of their income if they are unable to work due to illness or injury.
  • Access to Rehabilitation: Many policies include support services to help employees recover and return to work.
  • Tax-Free Benefits: Income replacement benefits are typically paid tax-free, providing more financial support during difficult times.

Get a FREE Group Income Protection Quote

Key Considerations for Employers

Policy Design:

  • Deferred Period: Choose a deferred period that aligns with your company’s sick pay policy. A longer deferred period can reduce premiums but may leave employees without income for a longer time.
  • Benefit Level: Decide on the percentage of salary to be replaced (usually 50%-75%) and whether to cap the benefit at a certain amount.
  • Coverage Duration: Determine how long benefits will be paid—common options are until retirement age, a fixed term (e.g., 2 or 5 years), or until the employee returns to work.

Employee Communication:

  • Clearly communicate the benefits of the GIP policy to employees, including how it works, what it covers, and how to make a claim.
  • Provide regular updates and reminders about the policy, especially during onboarding and open enrollment periods.

Cost Management:

  • Premium Costs: Premiums are based on factors such as the size of the workforce, the industry, and the level of coverage. Work with an insurance broker to find a policy that fits your budget.
  • Cost-Sharing: Consider whether to cover the full cost of premiums or share the cost with employees. Cost-sharing can reduce the financial burden on the employer but may affect employee uptake.

Legal and Regulatory Compliance:

  • Ensure that the GIP policy complies with UK employment law and regulations, including the Equality Act 2010, which prohibits discrimination based on disability.
  • Be aware of the implications of auto-enrollment and opt-out provisions under the Pensions Act 2008.

Provider Selection:

  • Choose a reputable insurance provider with a strong track record in the UK market.
  • Consider the provider’s claims process, customer service, and additional support services, such as rehabilitation and employee assistance programs.

Common Misconceptions About Group Income Protection

It’s Only for Large Companies:

  • GIP is available for businesses of all sizes, including small and medium-sized enterprises (SMEs). Many providers offer flexible policies tailored to smaller workforces.

It’s Too Expensive:

  • While premiums can be significant, the cost is often outweighed by the benefits of reduced absenteeism, improved employee morale, and financial protection for the business.

Employees Don’t Value It:

  • Many employees highly value income protection, especially in uncertain economic times. Offering GIP can enhance your employer brand and improve employee satisfaction.

It’s Complicated to Administer:

  • While there is some administrative work involved, many providers offer support to help employers manage the policy, including online portals and dedicated account managers.

Get a FREE Group Income Protection Quote

Conclusion

Group Income Protection Insurance is a powerful tool for employers to provide financial security and peace of mind to their employees. By offering a safety net for employees who are unable to work due to illness or injury, GIP can enhance employee well-being, improve retention, and protect the financial health of the business. When selecting a GIP policy, employers should carefully consider the needs of their workforce, the cost of premiums, and the level of support provided by the insurance provider. With the right policy in place, GIP can be a win-win for both employers and employees, fostering a more secure and productive workplace.

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It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.

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Calculate Your Cover

Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.

Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.

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Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

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Other possible options...

Group Income Protection

This type of policy provides financial protection in the form of income replacement (ie sick pay) for employees who are unable to work due to injury, short or long-term sickness or disability up to the age of retirement. As such it can represent a significant employee benefit to help recruit and retain employees.
Read more

Features:

  • Income Replacement: GIP insurance provides a percentage of an employee's salary as a replacement income if they are unable to work due to a long-term illness or disability. This benefit is typically paid after a pre-defined waiting period, known as the deferred period.
  • Long-Term Coverage: GIP insurance typically covers an employee until retirement age or until they are fit to return to work, depending on the terms of the policy.
  • Rehabilitation Support: Many GIP policies include rehabilitation services to help employees recover and return to work as soon as it is medically possible. This can include access to medical professionals, vocational training, and other support services.
  • Flexible Benefit Options: Employers can often customize GIP insurance to suit their specific needs. They can choose the level of coverage, the waiting period before benefits are paid, and the length of time benefits will be provided.
  • Employee Assistance Programs: Some GIP policies include Employee Assistance Programs (EAPs), which provide confidential counseling and support services to employees and their families for various personal and work-related issues.

Benefits:

  • Financial Security: GIP insurance provides employees with a reliable source of income when they are unable to work due to illness or disability. This helps them maintain their financial stability and meet their financial obligations.
  • Attract and Retain Talent: Offering GIP insurance as part of the employee benefits package can make a business more attractive to potential employees. It demonstrates a commitment to employee well-being and provides a valuable safety net.
  • Reduce Absenteeism: GIP insurance can help reduce long-term absenteeism by providing employees with the support they need to recover and return to work. The rehabilitation services and support offered by GIP policies can facilitate a quicker return to work.
  • Employer Reputation: Providing GIP insurance shows that a business cares about its employees' welfare, which can enhance the company's reputation as an employer of choice.
  • Tax Benefits: In the UK, premiums paid for GIP insurance are generally tax-deductible for businesses, which can provide financial advantages.

It's important to note that the specific features and benefits of GIP insurance can vary depending on the insurance provider and policy terms. Businesses should carefully review policy details, coverage limits, exclusions, and waiting periods before selecting a GIP insurance plan. Consulting with an insurance professional or broker can help businesses find the most suitable coverage for their employees' needs.

Free Quote

Business Health Insurance

This type of policy is designed to ensure directors and employees can seek expert medical attention promptly, namely faster than the NHS, so that they can return to work as soon as reasonably possible. It acts as attractive benefit for potential new employees and a retention device for existing employees.
Read more

Private health insurance for UK businesses offers several features and benefits that can be advantageous for both employers and employees. Here are some key features and benefits of private health insurance for UK businesses:

  • Prompt Access to Healthcare: One of the primary advantages of private health insurance is the ability to access medical services promptly. Private health insurance typically provides faster access to consultations, diagnostic tests, treatments, and surgeries, helping employees receive medical attention quickly and reducing waiting times compared to the NHS.
  • Choice of Specialists and Hospitals: Private health insurance allows employees to choose from a wide network of specialists, consultants, and hospitals. This gives individuals more control over their healthcare decisions and the freedom to select healthcare providers based on personal preferences, reputation, and expertise.
  • Comprehensive Coverage: Private health insurance plans in the UK often offer extensive coverage, including consultations, diagnostic tests, hospital stays, surgeries, cancer treatments, mental health services, physiotherapy, and alternative therapies. Some plans may also cover dental and optical treatments as optional extras.
  • Employee Well-being and Morale: Offering private health insurance as an employee benefit demonstrates a commitment to the well-being and health of employees. It can boost morale, job satisfaction, and overall employee retention rates. Access to private healthcare services can also reduce absenteeism and help employees get back to work more quickly after illness or injury.
  • Reduced Waiting Times: In the UK's National Health Service (NHS), waiting times for certain procedures can be long. Private health insurance enables employees to bypass these waiting lists and receive treatment promptly, which can be especially valuable for non-urgent but necessary procedures that may cause discomfort or affect an individual's quality of life.
  • Access to Experimental Treatments: Private health insurance can sometimes provide access to new or experimental treatments and medications that may not be available through the NHS. This can be particularly important for individuals with complex or rare medical conditions who may benefit from innovative therapies.
  • Additional Services and Support: Many private health insurance providers offer additional services such as 24/7 helplines, nurse advice lines, mental health support, and health and wellness programs. These services can help employees manage their health proactively and provide guidance and support when needed.
  • Flexibility and Customization: Private health insurance plans can be tailored to meet the specific needs of a business and its employees. Employers can choose different levels of coverage, add optional extras, and often adjust the policy to suit their budget and requirements.

It's important for businesses to carefully consider the features, costs, coverage limits, exclusions, and network providers when selecting a private health insurance plan to ensure it aligns with their needs and the needs of their employees.

Free Quote

Executive Income Protection

This type of policy pays out a regular monthly benefit should the insured key employee or director become too ill or injured to work. It is popular with contractors and directors working in their own limited company and covers up to 80% of their income (wages or dividends) in a tax-efficient way. Read more

Executive Income Protection operates in a very similar way to Personal Income Protection, providing a regular income if the person insured is unable to work due to illness or injury.

The main difference between the two types of policy is that Executive Income Protection can cover up to 80% of the individual's income, whether from wages or dividends or both, whereas most standard policies typically only cover up to 60%.

As such, it is an attractive benefit for high-earning small business owners and contractors.

The cost of the premiums is determined by how much cover is required, the age of the individual to be covered, any existing or past health conditions, what their current role entails, how long the cover is to last, and how long they are prepared to defer the first payment.

The premiums are paid by the company and are tax-deductible, which is an additional saving compared to personal policies.

Along with other benefits available, Executive Income Protection can be a valuable component of an overall financial plan, especially those with high incomes and significant financial responsibilities.

Free Quote

Can’t decide?

For free advice, speak to a UK based adviser on
0333 987 3960* (9am-5pm Mon-Fri)

The telephone service is provided in partnership with BQI Protection Ltd and the quotation service is provided by an FCA-authorised insurance specialist