Income Protection.
Add value to your employees by protecting their income.
How you manage sickness absence means more to the workforce now than ever before. Employees want to know they will be supported if they are unable to work for a prolonged period of time due to illness or injury.
Income Protection is the solution designed to guarantee this support. Payment is issued once a pre-determined period or “deferred period” has been passed since the onset of the condition leading to the claim. The cover provides your employee with a monthly income to help with outgoings and to ease their stress during recovery.
The cover will typically include the cost of providing Death in Service plus Normal Employer and Employee pension contributions. In many cases, early implementation can help get employees back to work sooner.
5 Reasons why Income Protection is important for your business.
Loss of income due to illness or injury can be a great source of stress for employees. Offering Income Protection is very valuable to them and can help you attract and retain the best people.
The monthly payment to employees helps reduce the gap between their social welfare benefits paid in the event of disability and the income they require to maintain a reasonable standard of living while ill or injured.
Regular contributions to the pension plan can also be insured through Income Protection.
Benefits payable under the scheme may increase annually by the lesser of an agreed percentage or the rise in the Consumer Price Index (CPI) in the preceding twelve months.
Your Group Income Protection scheme may also provide a proportionate benefit for employees who are unable to return to work fully and either resume their normal occupation on a part-time basis, at reduced earnings, or undertake an alternative occupation at reduced earnings. This is a valuable support for employees who are keen to return to the workforce but who cannot resume their original job in a full capacity.
Essentials of employee support.
Join Fionán as he discusses Group Income Protection, a crucial benefit that replaces a percentage of employees' income during illness. Learn how employers provide vital support, fostering peace of mind when it matters most.
Explore more Group Protection services.
Start your journey to income protection for your employees.
If you would like to learn more about how Trust Matters can work with you to plan your employees' income protection, contact us today.
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Trust Matters offers a range of retirement solutions to help employees plan for a secure future.
