5 things to consider when buying Group Income Protection

We know that finding the right Group Income Protection Insurance scheme can be a massive headache. With the huge range of providers, policies and levels of cover out there, it would take years to search through every possibility.

Employee benefits insurances are our bread and butter here at Hooray Health & Protection, so we’ve used our industry knowledge to collect our top tips for finding the right policy:

Need help finding the right health and protection scheme for your staff? Give our friendly award-winning brokers a call on 01273 222805 or drop us an email at hello@hoorayinsurance.co.uk for FREE advice and support.  

1. Do you truly understand what it is?

Having a general sense of what Group Income can do for your business is an essential place to start!

Group Income Protection is an insurance policy providing monthly payments to employees who are off work due to ill health or injury. It can help top up statutory sick pay or be designed to kick in when  the statutory sick pay period comes to an end (which is after 28 weeks).

2. Does it meet the needs of your business and staff?

This is where our team at Hooray can help too! Our process always starts by finding out a bit more about your company. It’s important to know how many employees you have, what budget you have available and how an Income Protection policy can help.

With inflation still riding high, Income Protection is a highly desired benefit right now and provides an extra financial safety net to staff and any dependents they may have. Most Group Income Protection policies also include services which help speed up recovery from whatever the ailment might be.

There are many different policies around and most have some degree of flexibility. Our award-winning brokers can help you choose wisely!

3. How much of your employee’s wage will you cover?

One of the strengths of Group Income Cover is its flexible price point! Most businesses tend to insure 75% of an employee’s wage. But this can be a higher or lower depending on your budget. You may also provide a different level of coverage depending on the seniority or longevity of a staff member.

Alongside this, employers also have the choice to cover pension and National Insurance contributions.

4. Do you know what’s hidden in the T&C’s

There’s a huge array of insurers out there, each with their own set of terms and conditions, features and price points. This can lead to much confusion when buying a Group Income Protection policy – and it’s easy to end up with an option which doesn’t deliver what you’d expect.

On top of this, the health insurance and employee benefits market is often known for its jargon-soaked policies and products, with important terms getting brushed over and misunderstood.

A good broker like Hooray can highlight any areas of concern in a policy, ensuring you avoid any nasty surprises. Even better: we do not charge you for this service!

5. Have you factored in the added extras?

Group Income Protection providers also include added value services to their offerings, furthering the level of support to your staff. At Hooray, we believe these to be very important when you are considering which provider to opt for.

Added extras can include:

• Virtual GP (incredibly popular right now!)
• Mental Health Support services
• Health and Wellbeing apps/digital platforms
• Employee Absence Reduction
• Early Intervention services / Rehabilitation **
• Employee Assistance Programmes ***

The right mix of added extras can really boost the value of your policy.

** Early intervention services can consist of doctors, consultants, counsellors and nurses who are there help employees get better sooner.

*** EAPs provide a variety of emotional support services including tools and one-to-one assistance for issues around mental health, financial wellbeing, legal difficulties, medical problems, workplace stress and more.

Ask the experts for FREE!

We would love to list every possible consideration in this guide, but there’s never a one size fits all approach with insurance, especially when it comes to income protection.

There is no fee for our service, and we can talk through the best options for you. You also won’t pay any extra on your premiums by going through us, so we will always give you the best price for your perfect policy!

Before deciding on your next options, feel free to call one of our team at Hooray Health & Protection on 01273 222805 or email hello@hoorayinsurance.co.uk for the most competitive quotes and FREE expert advice.