Group income protection provides financial support if an employee is unable to work typically for more than six months due to long-term illness or injury. It pays a proportion of their salary each month as a regular income, usually until they are able to return to work or retire.
Group schemes are available through employers which mean that, if an employee needs to make a claim, the provider will pay the benefit to the employer who will pass this on.
Some have even begun to suggest that this form of protection, perhaps with the benefit of state backing and an automatic enrolment-style ‘nudge’, could be at the centre of attempts to solve the oft-cited protection ‘gap’.
This guide will explore the benefits of this type of product; how to raise the subject of the need for cover; making sure you obtain the best policy for your corporate clients; and the process for getting the protection in place.
Supporting material was provided by: John Letizia, head of public affairs at Unum; Nick Homer, group protection manager of Zurich UK Life; Steve Bridger, head of group risk at Aviva UK Health; Paul Avis, marketing director of Canada Life; and Vanessa Sallows, benefits and governance director for corporate business at Legal & General.