Our options include an affordable limited payment term
For clients who’d like to offer their employees income protection but have reservations over the cost, there’s the limited payment term option.
Providing clients with all the benefits of Group Income Protection, but with a fixed payment term of two, three, four or five years, rather than to the state pension age, this option could be particularly appealing to SMEs as they can offer employees cover at a lower cost.
Key point to note: if your client selects a two-year term and one of their employees is off work for 40 months, the financial support provided by the policy stops after 24 months.
Financial support at an uncertain time
It's important to reassure your clients that their employees are supported during extended absences. Both our standard and limited payment term Group Income Protection policies can cover up to 80% of an employee's gross taxable earnings, and we can insure both employer and employee pension contributions. For limited payment term policies, clients can also choose a lump sum payment option. This allows your clients to focus on their business without financial worries, knowing their employees are well taken care of.
For added peace of mind, we offer an option that covers the employer's National Insurance contributions while the employee is off work. Although this slightly increases the premium, it means your clients aren't burdened with these payments during long-term sick leave. Given the recent increases in National Insurance rates and the reduction in thresholds, this coverage can help reduce the financial strain on employers.
A range of wellbeing services
We can support your clients’ employees even if they don’t need to take time off work. From tools and services to help them detect, prevent and self-manage conditions to tailored clinical intervention, rehabilitation and return to work support.
From day one, early intervention and rehabilitation support provides the right help so employees can stay in work or get back sooner, helping them feel better and taking the strain away from your client.
Help employees take control of their health with access to a range of Wellbeing services, such as the Aviva DigiCare+ Workplace app. This app offers digital GP appointments, mental health support, an annual finger-prick health check and more.
Wellbeing services, early intervention and rehabilitation support are non-contractual benefits which Aviva can change or withdraw at any time. Terms and residency restrictions apply. Some services are provided by external providers.
Which option is right for your client?
Our standard Group Income Protection provides payments up until the employee returns to work or reaches the state pension age. However, where budgets are restricted, the limited payment term option could help your client provide a level of cover for their employees.
It's important for clients to ensure that the sickness benefits outlined in their employees' employment contracts align with the limited payment term. For instance, if the contract provides sickness benefits until the state pension age, but the limited payment term is only five years, there could be a coverage gap that the employer needs to address. This alignment is crucial to avoid any potential financial shortfall during employees' extended periods of absence.
Want to find out more? Get in touch with your Aviva contact who will help you weigh up the options so you and your client can choose a policy that works best for them.