Group Income Protection provides ‘umbrella’ income insurance to a large group of employees within the same organisation. Its main advantage is that it allows each individual to purchase the insurance at a highly competitive wholesale rate. Also known as group salary continuance insurance, it works as a combined policy and can be a cost-effective way to attract and retain employees as well as differentiate your company from your competitors.
Group Income Protection provides covered individuals with an income stream if they can no longer work as a result of illness or accident. It is normally paid as a monthly benefit of up to 75% or more of total income, and is paid until the individual returns to work or the policy runs out.
Benefit periods can range from one to six years, and the policy is available to persons up to the age of 70. Similar to group life insurance, it protects employers from having to pay salaries to sick or injured employees who are not able to contribute to company profitability for extended periods of time.
Group Income Protection or salary continuance can provide:
Income Protection provides 24 hour protection every day of the year regardless of the insured’s location. When you as an employer provide Group Income Protection to your employees, you gain the following benefits:
Group Income Insurance policies can range in size from just a few employees to 200 or more. As the policy is provided at near wholesale price, they can be extremely cost effective and become a solid part of your company’s growth strategy.
A Group Income Protection policy can be one of the best ways to retain your best people, while ensuring your business is protected from having to make large payouts to absent employees. At Wealth Smart, we work hard to negotiate the best Group Income Protection underwriting from the leading providers, ensuring you get the best deal possible.