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.
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.