"benefits.market has simplified the entire process of buying employee benefits"

James Harrap
Managing Director

Read our case study

Income Protection

Why buy Income Protection?

Income Protection is an insurance policy that pays your employees a regular income when they are long-term sick. You have the comfort of knowing that your employee is in a financially stable situation and will not rush back to work purely on financial grounds. In addition, the employee assistance scheme will provide support to help get your employee back to work-fit state of health in a shorter time.

How does this help my staff?

Most employees will go through their working life without any long-term absence through sickness. But we all like to think that if we were struck down by a debilitating illness (e.g. cancer, severe depression, back pain), we would not also have to be worrying about the impact on our family’s finances. Income Protection not only provides that financial reassurance, it also provides an employee assistance programme

What are the benefits to my business?

Income Protection can normally be offset for Corporation Tax for your business and is not a benefit in kind for your staff. Most importantly, it means that you can limit your in-house sick benefits to Statutory Sick Pay while ensuring that your employees are looked after, should the worst happen. With the additional sickness/absence planners and the workplace support provided, you can manage long-term sickness issues and continue to focus on managing your business.

What do companies like mine do?

Most companies like yours that haven’t bought Employee Life Insurance don’t buy Income Protection. Why? Because ultimately employees value Life Insurance more highly and are therefore generally viewed as better value initially.

However, companies with Life Insurance in place and/or who are at higher risk of long-term staff absences use Income Protection as a method of minimising their costs, while ensuring that employees can focus on - and be supported with – recovering and returning to work in good health.