By Martin Noone of Legal & General 8 November 2016.
Its value as an investment needs to be communicated to employers.
Our first-hand experience of how businesses can struggle when employees are off work with long-term illness means we understand how important group income protection can be. It should be seen as an investment for the future and embedded into a company’s health and wellbeing strategy. The intention or objective must be to have the right support available at the most important time; to have appropriate services, facilities and expertise in place, to protect the business’ most crucial asset – their people. The future of the business and its employees should be able to rely on that protection.
Industry body GRiD has been leading the way in highlighting the importance of group risk and income protection to companies for many years, and promoting the benefits of having this crucial protection in place. The issue we have however, is that companies are not listening, the purchase of group income protection by employers has not increased for many years. Through its work with regulators, the ABI and government departments, GRiD aims to raise awareness amongst both employers and employees of the need for income protection and to further the debate around legislation affecting group risk products.
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