One of the many things that Covid has highlighted in the world of Employee Benefits in respect of benefits provided to staff by employers is the role that they can play in reducing ill-health related job losses.
The Group Risk industry body, Group Risk Development (GRiD), of which Wingate Benefit Solutions is a member, has suggested that a ‘consensus statement’ be used by employers with a view to improving employer guidance and awareness to their employees of the link between good work and good health and promote the use of expert-led support services. This suggestion by GRiD has recently been backed by government.
The Employee Benefits industry absolutely embraces these proposals, as these will help employers, through their advisers, promote both the wellbeing services and rehabilitation support services that sit within Group Income Protection policies (previously known as Permanent Health Insurance). For many years employers have insured their employees through Group Income Protection policies with the main purpose of the insurance being that should an employee be absent from work for a long period of time, (typically more than 26 weeks) the insurance would kick in meaning that the liability to pay the employee’s salary or at least a large proportion of it sits with the insurer of the benefit.
Recently however, many providers of this benefit have introduced value added enhancements to their Group Income Protection propositions meaning that employers can tap into these services and adopt methods promoted by qualified professionals to implement processes and solutions to help keep their workforce fit and health before they reach the stage of being absent form work.
Its well-known and more accepted than ever that employers have an important part to play in maintaining good health, dealing with ill health at an early stage and supporting employees to remain in work. Over the coming months and years, we could see a massive change in how Group Income Protection arrangements are used and it’s likely that we could see them move from being a box ticking product due to a contractual commitment or something similar to an invaluable HR tool for the benefit of both employers and employees alike.
What’s the catch I hear you say? Well none, really. With expert advice and guidance Group Income Protection can be established to meet the needs of an employer and could cost as low as 0.5-2% of payroll. All Group Income Protection policies are annually renewable and reviewable meaning that an employer can change the terms of the policy to meet the needs of the business on an ongoing basis.
If you would like to explore the potential benefits to you as an employer of introducing a Group Income Protection scheme or would like a free review of your existing Group Income Protection policy, or any other employee benefits schemes which you may have in place, please contact one of the team at Wingate on either 01883 332260 or at firstname.lastname@example.org