Just under half (43%) of respondents would feel more valued at work if their employer provider group income protection (GIP) or group critical illness cover, according to research by Canada Life Group Insurance.
Its survey of 1,004 full and part-time employees also found that 29% of respondents would be more likely to stay with their organisation if it provided GIP and group income protection cover.
The research also found:
- 31% of respondents without income protection would be worried about how to survive financially if an injury or illness prevented them from working; this rises to 45% for respondents who have two children.
- 61% of respondents do not have any form of income protection.
- 27% of respondents without income protection would rather take the risk than pay for income protection, and 18% believe they will never need income protection.
- 44% of respondents are unable to afford income protection.
- 50% of respondents agree it would be very important to return to work as quickly and safely as possible following an illness or injury, with 62% citing financial reasons.
Paul Avis (pictured), marketing director at Canada Life Group, said: “From an employer’s perspective, GIP is a relatively minor cost with major potential gains. Not only can GIP prevent valuable staff from taking long-term absence, but it’s a great way of improving recruitment and retention.
“Additional benefits like GIP make a benefits package stand out at a time when all employers are now, or soon will have to, offering pensions through auto-enrolment. Our research shows employees who are offered GIP feel more valued and are more likely to stay within their organisation, making this a highly valuable retention tool.”