Group income protection
Long-term illness can represent a substantial financial strain for both employers and employees. A group income protection policy will pay a proportion of an employee’s salary in the event that they are off work due to long-term illness or injury.
You can choose to either make the payments directly to an individual or use the policy to fund payment for a limited period – or even provide your company with a lump sum to fund a leaving service benefit.
A group income protection policy will provide:
- A continuation of salary to your employee, reducing your financial obligations
- A streamlined design to dovetail with your own sick pay policy
- A wealth of additional services, training, pathways and technology provided by the insurer to combat and manage absence in the workplace
How does group income protection help you and your employees?
- Benefits can be designed to meet your business needs, both in terms of cost to you and value to your employees
- Robust claims assessment processes to ensure genuinely absent employees are cared for when they are unable to work
- Adjudication services to provide you with impartial guidance on suspicious absences
- An income protection policy will reduce the impact of ill health and early retirement on pension schemes. Policy payments can be either kept by the employer to offset the cost of an early pension or by the employee to fill the gap until the pension starts.
- Group policies will provide rehabilitation services to help nurse absent employees back to health (and the workplace) as soon as possible and can even prevent your staff from being absent in the first place
- By intervening early with an employee’s long-term sickness and offering advice on the reasonable adjustments needed for staff returning to work, a policy can help companies to demonstrate compliance with the Equality Act
- Broader clinical and educational services and communication material can be provided via a myriad of forums
How can Willis Towers Watson help you?
- World class consultative broking to leverage our scale to obtain the best outcome for you in terms of price and policy terms
- Actuarial modelling to derive an independent “Willis Towers Watson” risk rate/cost for your cover which can then be used to achieve the best market terms
- A governance audit to devise a future proof and fit for purpose benefit design
- Absence management strategy that streamlines your existing benefit arrangements and processes to counter absenteeism in the workplace and improve the risk of your income protection scheme
- Claims analysis, data analytics, process mapping and bespoke communications to deliver efficiencies and engagement with your benefits