Income protection
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What is Income protection?
Income protection is a type of insurance benefit that covers employees' financially in the event that they become unable to work. This could be due to sickness or a disability.
They work by paying employees a regular income for as long as they're unable to work or until they retire — protecting them against any loss of income during this already difficult time.
We've partnered with leading income protection providers to ensure your team is protected to the highest standard.
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Why should you offer income protection?
When employees become unable to work for various reasons, it can be stressful — especially when it comes to financial worries associated with having to take time off work. Here's how an income protection insurance policy can help...
Benefits to employees:
- Peace of mind that they'll still be able to cover bills and expenses in the event they become too sick to work for an extended period.
- If they have families or dependents, then they'll feel reassured that they'll be financially supported during this time.
Benefits to you:
- Improved employee retention.
- No financial risk to you as the insurance company pays the employee's income.
- Group policies can be tax-friendly for businesses.