Are you prepared for long term absenteeism?
In the UK today more than 2.2 million people of working age (16 – 65 years) will be off work for at least six months through sickness and disability. Most of these cases will be unplanned and the employee will be unprepared for such events.
Statistics show that 60% of employees admit that if they have to go off work for long terms sickness that their savings would only last up to three months and then they would be relying on their partner and families’ savings and income to live.
Most companies now offer different types of value added employee benefits. This could be through a company car, or pension or health and group risk insurance. It is group risk insurance that can provide someone with the greatest support whilst they are most vulnerable.
There are 3 different areas that make up group risk insurance. A group life policy will pay a tax-free lump sum directly to your employee’s nominated beneficiary in the unfortunate instance where an employee suffers death during service. A group income protection policy will pay a proportion of your employee’s salary during long term sickness until the employee is able to return to work or retires. A group critical illness policy will pay a tax-free lump sum directly to the employee should they be diagnosed with a heart attack, stroke, cancer or kidney failure.
Group Risk can offer benefits to the employee as well as the employer and their business. It is proven that a comprehensive benefit package helps aid employee retention and motivation. This means reduced costs due to low staff turnover resulting in less recruitment and training costs for the business.
When an employee feels appreciated and rewarded going to work is a positive experience self-motivation is higher as is engagement with clients and colleagues. The knowledge that they and their families would be looked after in an unfortunate situation helps employees to feel valued.
In the event that an employee has to go off on long term sick and the business needs to find a short term replacement, then having an income protection plan in place, allows you to carry this out at minimal cost. The employee will still be getting paid through the plan permitting the employer to replace the absent employee for the same salary, therefore honouring the employer’s contractual promise to their employees.
Employers will also be satisfied knowing that their un well employee is receiving the best treatments and therapies available in order to return them back to work in good health as soon as possible.
Group risk benefits are a high value, low cost option for employers looking to offer their employees more than monetary value.
Surprising figures show that one in every seven employees do not know the full benefits that their employee offered – this equates to 3.7 million employees in the UK are missing out on the opportunity to be part of their workplace employee benefits offering security to both the employee, their family and the business.
Are you an employee? – ask your director about group risk cover today. Are you an employer? Don’t wait for the unexpected – act now and speak to a member of the BDHL team. Together, we will find the most appropriate plan, to ensure that in a difficult time the only focus is to get better.
BDHL is a specialise health and group risk insurance broker. We pride ourselves on our knowledgeable, bespoke service. Actively monitoring the market place and tailoring schemes to ensure that our clients expectations are exceeded. We are happy to discuss and quote on existing policies or talk through introducing a health and wellbeing structure.
If you have any questions or would like some further information about how BDHL services can better your business then call us today on +44(0)1892 891900 or email us on firstname.lastname@example.org.