It is interesting how group income protection is rising in popularity by the day in the corporate world. It just goes to show that the protection of an employee's income is important to both the individual and the employer. In fact in some cases it may impact the company much more than it impacts the individual more so if the person was a key member of staff.
But what exactly is group income protection insurance?
Group income protection insurance is a cover that offers both the employer and the employee protection against sudden illness or injury on the employee that would incapacitate them or make him or her unable to work. Group Income protection covers a portion of an employee's salary should illness or injury prevent eligible employees from working.
As the name suggests, this kind of insurance cover is usually taken out with entire groups of employees at an organization or company in mind. It is extremely useful to the organization itself that would usually have to suffer the double tragedy of both losing the skills of the staff member and still having to dig deep into its' pockets to meet the costs that are associated with the employees incapacitation.
For a relatively small premium, an organization can adequately cover itself against the pitfalls and inconvenience associated with any of it's employees sudden disability and even death.
Apart from peace of mind, this kind of cover is extremely attractive to employers because it gives an organization the ability to attract and retain top notch talent with the income loss cover being one of the employee benefits. This can make a huge difference, giving an organization a clear edge where they may be competing with other entities and establishments for the talents and skills of certain individuals that they would like to join their work force.
Darren writes for several uk websites covering many different aspects of uk financial services. Futher examples of his work can be seen at
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