Why Income Protection Insurance Makes Even More Sense To
Employers
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.