27% know little about group income protection

More than a quarter (27%) of respondents admitted they know little about group income protection, according to research by Canada Life Group Insurance.

Paul Avis, Canada Life Group Insurance

Its research, which surveyed 200 employee benefits decision makers at organisations that employ between 150 and 2,000 staff, found that 32% of respondents are unaware of the cost and value of the product.

Among respondents that do not currently provide their employees with group income protection, only 19% said they have a sound grasp of the product and its value.

More than two-thirds (41%) of respondents turn to financial advisers and employee benefits consultants as a primary source of information on group income protection.

Paul Avis (pictured), marketing director at Canada Life Group Insurance, said: “The lack of [group income protection] knowledge in organisations may seem high, but is perhaps less surprising when you consider our research also showed that 18% of HR professionals do not understand group life assurance, which we would consider our simplest product.

“Financial advisers are in a unique position to deliver the gospel of group income protection right on the doorstep of employers up and down the country.

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“Trusted and relied upon by their [employer] clients, they can use their knowledge and experience of group income protection to really bring the benefits to life for the key decision makers.

“With many insurers offering early intervention and proactive rehabilitation services as well as a host of other employer and employee-focused support, [group income protection] is a worthwhile investment even if no claims ever need to be made.”