Group income protection

Egeorge0121

Who had this? Who didn't know there company did it? I was on sick leaves getting about 600pounds a month then it stopped for about a month now I. Getting 3.1k (70% of my monthly income) and there's no underwriting involved. This is all for 5 years.

who knew about gip? Who knew their company did it?

was all a shock when I saw that 3.1k. And they sent me a letter for what my benefits were , what I was on etc

Marcon

Egeorge0121 said:

Who had this? Who didn't know there company did it? I was on sick leaves getting about 600pounds a month then it stopped for about a month now I. Getting 3.1k (70% of my monthly income) and there's no underwriting involved. This is all for 5 years.

who knew about gip? Who knew their company did it?

was all a shock when I saw that 3.1k. And they sent me a letter for what my benefits were , what I was on etc

Those who have an employer offering that as part of their employment package and who took the time to read their terms and conditions of employment.

MyRealNameToo

Egeorge0121 said:

Who had this? Who didn't know there company did it? I was on sick leaves getting about 600pounds a month then it stopped for about a month now I. Getting 3.1k (70% of my monthly income) and there's no underwriting involved. This is all for 5 years.

who knew about gip? Who knew their company did it?

was all a shock when I saw that 3.1k. And they sent me a letter for what my benefits were , what I was on etc

The fact you are capped to 5 years isnt great, back in my employment days it would have been to your normal retirement age. That said group income protection policies are often keen to make offers if you've been off for some time to end your future payments in exchange for a large lump sum "now". 

As not an employee buy the personal equivalent and it'll payout until I am 65 should I get too sick to do my own job. Not cheap cover though, personal lines versions dont tend to make cash settlement offers to end a claim early. 

Cairnpapple

I had no idea that I had group income protection and neither did my local HR. I understand that it was added after I joined. I don't know who figured out that it was available (presumably someone in central HR) but I'm glad that they did! 

It did take several months after I finished SSP to get it approved, mostly because it was a giant hassle getting info from GP. But the payment was backdated. 

Marcon

Cairnpapple said:

I had no idea that I had group income protection and neither did my local HR. I understand that it was added after I joined. I don't know who figured out that it was available (presumably someone in central HR) but I'm glad that they did! 

It did take several months after I finished SSP to get it approved, mostly because it was a giant hassle getting info from GP. But the payment was backdated. 

I'm always amazed how employers provide a hugely expensive benefit and then fail to get the appropriate level of 'credit' from employees for doing so, simply because they don't communicate how valuable it is - or that it exists at all! It's interesting how often income protection falls into this category.

MyRealNameToo

Marcon said:

Cairnpapple said:

I had no idea that I had group income protection and neither did my local HR. I understand that it was added after I joined. I don't know who figured out that it was available (presumably someone in central HR) but I'm glad that they did! 

It did take several months after I finished SSP to get it approved, mostly because it was a giant hassle getting info from GP. But the payment was backdated. 

I'm always amazed how employers provide a hugely expensive benefit and then fail to get the appropriate level of 'credit' from employees for doing so, simply because they don't communicate how valuable it is - or that it exists at all! It's interesting how often income protection falls into this category.

I think it depends on how large the firm is and how diverse its different operations. 

One of my first projects was looking at short term tenure in our division. It was generally bad but it always reduced early in the year and then spiked in May after the profit share had been paid. We discussed with Group about changing how profit share was paid and staggering it over the year such that you were always close to the next payout which you forfeit if on your notice etc. 

Group refused and said we should be focusing on the other employee benefits like discounted mortgages and childcare vouchers etc. That may work for them but in our division our average employee age was 20, on a very modest wage (about £1 above minimum wage) with many being students working for us part time. A discount on mortgages or childcare vouchers just weren't relevant to their stage of life.