A group income protection (GIP) product, is being launched in April by disability insurer Unum, which will be beneficial financially to both the employee and the employer. The product, Dual Benefit GIP, is aimed at businesses wanting to cover between three and 99 employees, may not have any form of occupational sick-pay available and currently do not offer GIP to their staff.
With GIP, the absent employee will receive an income and the employer will be provided with an automatic monthly business benefit for six months, at 50% salary, up to £10,000 per month. This could aid an employer to finance temporary replacement staff or carry out adjustments to the workplace in order to assist a disabled employee to return to the workplace.
Wojciech Dochan, head of commercial marketing at Unum, said: "Although most absences are for short periods of time, a good number are for longer durations and the costs and risks to the business of coping with a long-term absence can be significant." Dual Benefit GIP will also offer new four and eight week deferred period options unlike the standard 13 and 26 week ones.
Disability insurer to launch two-way group income protection
Financial Services > Income lnsurance > News
Disability insurer to launch two-way group income protection
Wed, 05 Mar 2008
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