Providing your employees with salary protection in the event of long-term illness or injury can be a very attractive benefit as well as an essential if the worst happens. It can also help employers by releasing them from the financial burden of paying their employees during this absence. Many schemes can also provide additional support to employers to help them to reduce absences and shorten employee absences. Below we have looked at what some of the leading providers can offer.
The table below gives a quick price comparison of the top UK providers for group income protection/sick pay insurance.
| Company | Minimum cover | Maximum cover |
|---|---|---|
| AIG | Not stated | Not stated |
| Aviva | Not stated | £150,000 |
| Canada Life | Not stated | £150,000 |
| Legal & General | Not stated | £350,000 |
| MetLife | Not stated | Not stated |
| Unum | Not stated | Not stated |
| Zurich | Not stated | Not stated |
* The facts and figures included here come from each company’s website and were accurate at the time of writing but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider offers different solutions. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies’ services and features in a bit more detail.
Note companies are ranked in no particular order and this no way indicates one solution is better than another.
Topics
1. AIG
Some of the features and benefits of AIG‘s group income protection/sick pay insurance.
- Pays up to 80% of the employee’s salary if unable to work
- For employers with three or more employees
- Critical incident support
- Counselling and coaching services
- Support for anxiety, depression, relationships and workplace challenges
- Clinically verified and trusted articles, toolkits and podcasts
- Access to Life Works providing practical and emotional support to employees
- Access to Smart Health wellbeing services
- Access to a vocational rehabilitation programme
- Enhanced perks and savings on some plans
AIG is an insurance provider offering protection products such as group income protection. It offers up to 80% of the employee’s salary if they are unable to work with payment limits of two, three, four or five years. Their plans are suitable for businesses with more than three employees and provides accurate premium rate guarantees for two years.
AIG offers two options which include counselling and coaching, critical incident support, access to articles, toolkits and podcasts, support for anxiety, depression, relationships and workplace challenges, and perks and savings. The second plan also includes the Employee Physical Assistance Programme, enhanced wellbeing feed, enhanced perks and savings, and enhanced community.
2. Aviva
Some of the features and benefits of Aviva‘s group income protection/sick pay insurance.
- Provides financial support to employees unable to work up to 80% of their salary
- Includes rehabilitation services
- Help you to proactively manage health issues to reduce long term absence
- Promote health and wellbeing
- Yearly health check
- Counselling and information services for employees
- Digital GP service and second medical opinion
- Mental health and nutritional consultations
- Speedy claims handling
- Dedicated case manager
Aviva is an insurance, investment, retirement and health products provider and they provide a group income protection cover for employees. Their cover offers up to 80% of an employee’s salary if they are injured or ill and unable to work. They provide proactive support to help to reduce absence by managing long term health conditions.
Aviva’s cover includes an annual health check, access to a digital GP, second medical opinion, mental health consultations and nutritional consultation. They provide employees assess to their Employee Assistance Programme to help them cope with pressures and stress at home or work. They provide a speedy claims service with a dedicated case manager.
3. Canada Life
Some of the features and benefits of Canada Life’s group income protection/sick pay insurance.
- Provides financial and rehabilitation support to employees
- Covers long term illness or injuries
- Provides an agreed percentage of their salary when absent, up to 75%
- Access to rehabilitation experts
- Employers save on sick pay costs
- Available for two or more employees
- Access to their early invention team
- 24/7 online GP, mental health support and virtual wellbeing
- Second medical opinions
- Perks and discounts with leading brands
Canada Life is an insurance and financial investment provider with a variety of products including group income protection which provides financial and rehabilitation support to employees. Their cover provides employees with cover in the event of a long-term illness or injury that prevents them from working by paying up to 75% of their salary. This also helps employers as it saves them sick pay costs.
Canada Life’s group income protection provides access to their early intervention team who will help you to manage workplace absence. It also provides employees with access to their in-house rehabilitation and claims experts, 24/7 online GP, mental health support and virtual wellbeing through WeCare.
4. Legal & General
Some of the features and benefits of Legal & General’s group income protection/sick pay insurance.
- Provides regular income to employees if they can not work
- Covers long-term sickness or injury
- Includes rehabilitation support
- Employee Assistance Programme with comprehensive health and wellbeing toolkit
- Flexible and voluntary benefits to personalised package to the employee
- Offers up to £350,000 cover per year
- Up to 80% of employees earning
- Benefit length of two to five years
- Available to businesses with 10 or more employees
- Available through a broker
Legal & General is an insurance provider that offers a range of business products that are available through a broker and includes group income protection. The policy is suitable for businesses that want to insure a minimum of 10 people who are between 16 and 70 years old. It can cover up to 80% of the employee’s earnings with an annual payout of up to £350,000 over a benefit period of two, three, four or five years.
Legal & General’s group income protection covers long-term sickness or injury and includes rehabilitation support and Employee Assistance Programme which provides comprehensive health and wellbeing toolkit.
Legal & General
5. MetLife
Some of the features and benefits of MetLife’s group income protection/sick pay insurance.
- Assists companies to manage and mitigate the financial impact of sickness absence
- Pays a % of an employee’s salary when they are unable to work
- Covers long-term illness and injury
- Tailored return to work support
- Wellbeing Hub providing health and wellbeing services
- Confidential counselling services
- Support for line managers in dealing with day to day workplace issues
- Insight reports pinpointing any risks or issues
- Employer Hub tools to support your employees and deal with absences
- Available to businesses of all sizes
MetLife is a global insurance provider that offers individual and employee protection solutions through financial advisers and intermediaries in Europe. They offer group income protection to businesses of all sizes and they provide them with support to manage and mitigate the financial impact of sickness absence.
MetLife’s group income protection offers a percentage of the employee’s salary when they are unable to work due to long-term illness or injury. They provide employees with their Wellbeing Hub which offers a range of health and wellbeing services, confidential counselling services and tailored return work support. Employers get access to the Employer Hub with tools to manage absences and insight reports.
6. Unum
Some of the features and benefits of Unum’s group income protection/sick pay insurance.
- Provide an end-to-end absence management service
- Help to intervene early, manage absence and protect employees financially
- Provides a % of the employee’s salary
- Covers long-term illness and injury
- Rehabilitation and return to work support
- Help@hand with five key support services
- Employee/Employer Assistance Programme
- Online workshops for HR professionals and line managers
- Mental Health Pathway to support mental health concerns
- Cancer Pathway provides access to support
Unum specialises in employee benefits which include financial products such as group income protection. They provide an end-to-end service that enables sickness absence management, assistance in intervening early and providing employees with financial protection. It covers a percentage of the employee’s salary when off with long-term illness or injury.
Unum provides a range of support including employer support with a helpline and online workshops for HR professionals and line managers. They provide employees with Help@hand service which includes remote GP, mental health support and EAP access. Employee Assistance Programme with 24/7 helpline, legal support, wellbeing content and tailored fitness plans. They also offer dedicated mental health and cancer support.
7. Zurich
Some of the features and benefits of Zurich’s group income protection/sick pay insurance.
- Protect employees with up to 80% of their salary if unable to work
- Covers illness or injury that is over a prolonged period
- Available for employees between 16-69 years old
- Access to rehabilitation services to support a quicker return to work
- Virtual GP service
- Choice of when income replacement starts between 8-52 weeks
- Choice of whether benefits will increase annually
- Covers periods of between 2-5 years of sickness
- Option to provide a lump sum up to four times annual salary
- A dedicated case manager and fast paperless claims
Zurich is an insurance, savings and pensions provider offering a range of business insurance including group income protection. It offers protection to employees if they are unable to work due for a prolonged period due to illness or injury. It covers employees between 16-69 years old and provides a range of options such as when income replacement starts, if the benefit increases annually and how long the benefit payout lasts.
Zurich provides an in-house rehabilitation team from initial absence to recovery, virtual GP service and an Employee Assistance Programme to support mental health issues. They provide clients with a dedicated case manager and fast paperless claims to ease the process.