Group Income Protection (Group Risk)
Here are some of the features of our Group Income Protection plan
· Provides a regular income payable to the employer, in the event of a member being unable to work and suffering loss of earnings due to most types of illness or accidental injury
· Can help employers’ by providing income towards the cost of their employees sickness absence
· Can give employers more control over staff sickness, budgeting and information on rehabilitation
· Provides peace of mind to attract and retain experienced employees
· Can reduce the effect an absent or injured employee has on a company’s profits
· With over 200 Income Protection employees, of which over 55 are dedicated to Income Protection Claims, Aviva has one of the largest Income Protection claims teams in the
· Premiums can be as low as 0.5% of scheme salary roll and can be tailored to meet client budgets
· Online Personal Health Manager - providing expert advice to help lead a healthier lifestyle, 24 hour GP and Stress Counselling Helplines - on all Unit Rated schemes
· Provides savings of up to 40% on membership from a range of
· Premiums are normally treated as a trading expense and are not normally taxed as a benefit in kind for employees. Benefits are passed on to the employee as salary and are taxed under PAYE.
Product details
Scheme Size
- Minimum of 5 employees – no maximum number.
Benefit Levels Available
Premiums
- Single Premium for schemes with less than 20 lives, Unit Rated for schemes with 20 lives or more
- Premiums can be paid:
- Annually - by Direct Debit or cheque
- Monthly - by Direct Debit, 4% premium loading.
Deferred Periods
- 13, 26, 28, 41, 52 or 104 weeks.
Termination Ages
- Any age from 50 to 70.
Free Cover Limit
- May be applied to all schemes under normal circumstances, where medical evidence may only be required for benefits in excess of the Free Cover Limit. Maximum £100,000 benefit.
Additional Options
- Escalation during claim – 3%, 5% or Limited Price Index (LPI), (Retail Price Index (RPI) subject to maximum 5%)
- Continuation option available (provided the scheme is not currently insured without a continuation option in place)
- Limited payment term – benefit limited to a maximum of 2, 3, 4 or 5 years, can significantly reduce premiums
- Flexible benefits - This is available for schemes with 250+ lives. Please contact us for further details.
Underwriting
- For Unit Rated schemes, members may be underwritten on a “Once and Done” basis – i.e. the terms applied when underwritten will be the terms applied to that member for the life of the policy, regardless of any future changes in benefit
Temporary cover may be provided pending terms, although any pre-existing conditions will be excluded.
Definitions of incapacity
- Definition of incapacity is on an ‘Own’, ‘Suited’, or ‘Switched’ (own for 24 months, thereafter suited) basis.
No Worse Terms
- Usually available, provided that details of all employees not on Ordinary Rates with no restrictions or exclusions are given at illustration stage.
Costs
- For Single Premium Schemes – premiums will be calculated for each scheme member on the appropriate premium rates. This means premiums are re-calculated each year and are dependent upon the age of the scheme members at the beginning of each scheme year. Premium rates generally increase with age
- For Unit Rated Schemes – a Unit Rate usually expressed as a % of total scheme salary roll being insured at the commencement date of the insurance and subsequent scheme anniversary dates. This basis applies where the scheme covers 20 or more lives
- An annual Policy Fee applies to both Single Premium and Unit Rated schemes.
Commission
- Standard broker commission is 12%, although we can accommodate varying percentages. The percentage amount of commission will affect the premium on our illustrations.
Here is some information to help you decide if our Group Income Protection plan is right for your client
We’ve designed our Group Income Protection product to suit most types of corporate client. Please contact our Intermediary Sales and Support team by telephone on 0845 300 4452 (open Monday to Friday 9am - 5pm), or by email groupipquotes@aviva.co.uk for further details.
Key Accounts Solutions
- Designed for policyholders with an annual premium of more than £250,000, Key Account Solutions provides your clients with the opportunity to closely manage their policy and claims experience and look at how this impacts future premiums. Key Account Solutions provides your clients with:
- Tailored claims reports – containing bespoke information and commentary for your client's scheme. This includes claims performance, status of current claims and comparison data
- Key account meetings – two meetings a year with your Key Account Manager, enabling us to work in partnership to review and improve scheme performance
Dedicated contacts – a team dedicated to your account, from underwriting queries to claims and rehabilitation.
Expert Claims Management
- With over 50 years of Income Protection experience, we offer a claims service that works with both the employer and employee to find a winning outcome for long-term absence for everyone involved
With one of the largest Income Protection teams in the UK, we have a full clinical team providing expert claims advice and guidance which can help employees get back to work faster
Got a question? Visit the Group Income Protection product pages on Healthcare zone.
We have a wide range of support staff available to help you, click here to find the right number that meets your needs.
