Group Income Protection – An Effective Way to Attract and Retain Employees
It’s been almost 10 years since you started your company, but you still can’t figure out why employee turnover is rampant in your business. Applicants seem to lack in numbers too. So what could be the problem? Did it ever occur to you that perhaps the fringe benefits that you provide have something to do with this? Maybe they’re not attractive enough? How about adding group income protection? You’ve probably heard about this before, but you never really given it much thought because you don’t know how this would help your business. Read on to know more.
Group income protection, which is also known as group salary continuance, is a benefit provided to employees and serves as a financial support to them if they are unable to work due to illness or injury. Long-term illness or injuries can bring a substantial financial strain not just for the employees but also for you – the employer. That is why, it pays to have this type of insurance – it helps you manage long-term sickness absence effectively and it boosts employee confidence at the same time as this makes the employees feel that their employer support them during an emotionally and financially difficult time.
So, how does this work? Once you take out this insurance, your employees are sure covered. You can set this up with a deferred period of 13, 26, 28, 41, 52 and 104 weeks – take note however that the longer the deferred period, the lower your premium will be. Now, when an employee gets sick or injured and won’t be able to work for a certain period, the insurance company will make benefit payments to you based on the conditions stated in the policy. You will then have to pay the concerned employee a proportion of his salary, so he is still able to pay for medical costs and other living expenses in spite of his absences.
Interested to get one for your business? Then, visit an insurance provider today. But why go through so much hassle if you can do it online? In fact, you have wider options via the web, so you can definitely find the cheap group income protection insurance that you need.