Are you struggling to find short term deferred Group Income Protection? The main GIP provider market might not have those options though Wiltshire Friendly still does! If you need a reminder, or are wondering “how does group income protection work?”, here’s an explanation.
How does Group Income Protection work?
Group Income Protection is a way for employers to ensure their employees have an income even if illness or injury strikes.
Group Income Protection is an insurance policy taken out by an employer to provide employees with a continued income if they are unable to work due to illness or injury for a prolonged period.
After a set waiting time - known as the deferred period - the policy will pay a percentage of the employee’s salary either until they are well enough to return to work, reach retirement, or until the end of an agreed benefit term.
Whilst the new norm seems to be a 13 week deferred period within the market, Wiltshire Friendly seeks to be adaptable and fair in supporting a wider range of member insurance needs. We are therefore pleased to report that we are still offering both 4 week and 8 week deferred period options on all Group Income Protection plans.
These shorter deferred periods can also be used in conjunction with shorter benefit payment periods, from 6 months upwards, so cover can be matched to both need and budget.
We recognise that for some a shorter deferred period income protection could be vital. By offering a choice, we make sure employers can select an income protection deferred period that truly suits their circumstances.
Contact us to find out more:
Tel: 01225 752120
Email: info@wiltshirefriendly.com