I work in the HR department of a medium size company. I’ve been asked to get some Group Income Protection quotes to see how much it costs before the company looks into rolling it out. I haven’t been able to find any quotes online, so I was wondering if you’d be able to give me an idea of the price of these policies? It would be really good if I could go back with an idea of how much Business Income Protection costs so my company can make a decision.
You’ll probably find it difficult to get Group Income Protection quotes online because it’s a fairly complicated, dynamic product that’s not well-suited to Internet quote engines. At Drewberry we don’t provide automated Group Income Protection quotes because we feel it really requires expert advice to ensure you get the level of cover you need at a premium you’re happy with.
Should you request Group Sickness Insurance quotes from us, the first thing we’ll do is consult with you to discuss your needs, such as the level of cover, number of employees and budget for the scheme. We’ll also need a minimal amount of employee data from you (insurers require this to price the policy) before we go out to each provider in the market on your behalf.
Once the insurers have replied to our requests, we will come back to you with a recommendation report that contains your group income protection quotes from all relevant providers in the UK market.
As for the cost of a Company Income Protection Scheme, that depends on a number of different factors. As mentioned we will require a small amount of employee data from you so insurers can price the policy. This information is:
We’ll also ask you about where the employees are based (some postcodes are riskier than others) and whether they engage in any overseas travel to ‘high risk’ areas – such as countries with active or recent conflicts – as this will drive the premium.
The above are all factors that affect Group Income Protection premiums that you can’t change. However, there are two main variables within company sick pay insurance that you can adjust which will have an effect on the cost of cover:
As you can see there are a number of variables that can impact the cost of Business Income Protection Insurance, which is why it pays to discuss your options with an expert who can navigate the complexities of the market on your behalf. If you have any further enquiries about the cost of Group Income Protection or need any further help, please don’t hesitate to give us a call on 02084327333.
Head of Employee Benefits at Drewberry
Drewberry set up our insurance and were really helpful and made it very easy. I was really pleased at how responsive they are and how friendly and easy they made the whole process. I am delighted to be working with them.