Group Income Protection
Supporting employees on the road to recovery.
A Group Income Protection scheme is designed to provide a replacement income for an employee, should they be unable to work due to illness or injury.
This scheme allows a business to provide their employees with peace of mind by assuring them that essential monthly outgoings can still be covered while they focus on recovery.
With a variety of options available, to suit all organisational needs and budget, Lark’s experienced team of advisers are on hand to provide guidance and best practice solutions to assist with the design, set-up and ongoing servicing to ensure you get the best option for both the business and your employees.
As opposed to a Group Life plan that pays out on death, an Income Protection scheme is designed to provide a replacement income to your employees should they be unable to work through illness or injury.
While covered under the scheme, your employees have the assurance that their essential monthly outgoings would be covered so that they are able to recover and return to work as soon as possible, and the organisation no longer has the difficult moral decision of when to stop their income.
As with Group Life, multiple employees are covered under one plan and benefit is usually calculated as a percentage of the employee’s salary. Many options are available to suit an organisation’s individual needs and budget.