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 automating online as employee data needs to be gathered and each insurer has their own set of options to consider.
The cost of a Company Income Protection Scheme will depend on a number of different factors with regards to your business and your policy requirements.
To get the ball rolling a basic level of anonymous employee data will need to be gathered which will include:
Some insurers will also ask you about where your 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:
If you would like to get an idea of cost we are here to help, it is best to quick conversation to understand your needs and discuss some key policy factors including:
Once we have a good of what you are looking to achieve we will need to gather the basic anonymous employee data 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.
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
This was a painless process from beginning to end. I didn't know much about insurance, however it was explained to me in sufficient detail for me to make an informed choice. Oliver seemed very knowledgeable about the pros and cons of different aspects of income insurance, and didn't seem to be biased towards one or the other. There seemed to be a real desire to meet my individual needs linked to my circumstances. Amazing service, no complaints at all.