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What is Group Income Protection (GIP)?
Group Income Protection Insurance (GIP) is a crucial employee benefit that provides financial support to your employees when they are unable to work due to long-term illness or injury. A group income protection policy offers peace of mind for both employers and employees, by covering a portion of an employee’s income if they are unable to work for an extended period.
In addition to covering sick pay, a group income protection plan may also cover your pension and National Insurance contributions. Group income protection insurance premiums are paid by you, the employer, and are an allowable business expense. Therefore, they can be offset against your corporation tax liability.
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Why Choose Go Protect Me?
Benefit from Go Protect Me’s experience of working with companies like yours to source the most competitive group income protection deals. Here are some of the reasons to use us.
Why your company should invest in group income protection insurance
Financial peace of mind
Supporting sick or injured employees can be expensive. Investing in a group income protection insurance policy covers that cost. In addition to helping you protect existing employees; it can also enable you to fund any temporary replacement staff that may be necessary.
Improved staff retention
Happy staff tend to stay longer with an employer. When your employees know that you value them they are less likely to leave. Reducing churn like this also helps you cut the costs of recruitment and training of new staff members.
Enhanced brand reputation
Spending money to provide extra support to employees that can’t work due to ill health demonstrates that you are a company that values its employees. This can set you apart from your competitors in the corporate world.
Benefits your employees
It isn’t just your business that benefits from group income insurance of course. Your employees know that in the event of having to take time off due to sickness or injury they won’t just have to rely on government’s Statutory Sick Pay (SSP). In addition, many policies also offer additional benefits such as rehabilitation services, to help employees get back to work, or wellbeing services that promote healthier lifestyles.
How much does group income protection insurance cost?
The cost of group income protection insurance policies tends to account for between 0.5% and 1.5% of a company’s payroll. However, the exact cost of premiums will depend on a number factors such as:
How many employees you cover
The more employees that are covered the higher premiums tend to be.
What type of business you are
If you operate in a high-risk sector, such as construction, you may find that monthly premiums cost more than for other businesses. Some insurers will consider highly stressful occupations as high-risk.
Level of cover
Are you looking to purchase additional benefits for your employees, or do you want to stick to basic cover? The greater the level of cover, the higher the premium.
Employee age
Younger employees tend to be healthier and are therefore generally cheaper to insure.
Deferred period
Group income protection comes with a deferred period. This is the length of time before which payments are made. Choosing a longer deferred period can bring down premiums.
Income
Group income protection cover for lower income employees will be cheaper than that for higher income employees. You can also reduce premiums by choosing to cover a lower percentage of their income.
Medical history
If you have employees with pre-existing medical conditions, this can increase the monthly premium.
If your company is considering group income protection insurance, talk to Go Protect Me about how you can get the best deal for your circumstances. We can advise you on everything that may impact your premium from level of cover to what length of deferred period to opt for.
To Speak To An Expert, Call 0330 818 6850
Open: Mon-Tue 9am-7pm, Wed-Thu 9am-6pm, Fri 9am-4pm
Alternatively request a call back at a time convenient to you.
The brokers your business deserves
The team at Go Protect Me understands the needs of businesses. We secure competitive group income protection insurance plans for companies across the UK. When you choose us, you get a personalised service, tailored to your needs. No unnecessary add-ons or hidden extras. Just great service.
If you’re ready to invest in your employees, then get in touch today.
Get more for your business
Go Protect Me offers all our customers a complementary financial health check as standard. Talk to us about getting additional advice about tax efficiency, investments and savings.
Group Income Protection FAQs
To Speak To An Expert, Call 0330 818 6850
Open: Mon-Tue 9am-7pm, Wed-Thu 9am-6pm, Fri 9am-4pm
Alternatively request a call back at a time convenient to you.