How Group Income Protection Works In The Finance World

There’s no denying that workplace stress is a significant concern. It accounts for 70 million sick days every year.

That’s not getting any better. The cost to employers and the economy is estimated to be between £70 and £100 billion per annum.

The financial sector is the largest employment sector to be impacted by absenteeism.

Those working in finance are reported to be 44% more likely to incur sick days and long-term absences due to stress leading to mental health issues.

That problem has led to Metlife partnering with the Maudsley Learning Partnership to tackle the issue directly.

Metlife is one of the leading UK insurers in the financial sector.

Nearly all financial institutions have Group Income Protection in place. Tom Gaynor, Employee Benefits Director of Metlife UK, estimates that only 12-13% of businesses have this type of protection.

The financial sector is an industry to watch as they know the importance of numbers and revenue protection, which every business and individual can learn.

3,841 workers in financial positions and members of the Trade Union Unite were surveyed about the impact of cutbacks and the working conditions.

The survey results showed that three out of every four respondents reported being affected by workplace stress, which included headaches, anxiety attacks, and depression.

Little wonder The Priory Group (Europe’s largest mental healthcare provider) reports an increase of 106% in new patient assessments to January 31st, 2022.

All assessments will be GP-referred, but there are options to self-fund the care and bypass the long waiting times, which will rapidly become the NHS’s slogan.

For those working in the finance industry, the majority of leading financial institutions cover themselves and their employees through Group Income Protection.

This protects businesses from the revenue loss incurred through sick days and protects staff’s income when they’re forced off work for a longer period due to mental health issues or other conditions.

For the average worker outside of the Square Mile and financial sector, who does not benefit from proactive employer financial arrangements and support partnerships, the onus is left on the individual to protect themselves from the impact of income loss.

The financial sector is the one to watch because the industry proactively protects revenues and supports staff with partnerships with mental health providers.

Some are creating tailored employee benefits packages to help alleviate stress, but 87% of businesses have nothing in place to protect themselves or their staff.

Most workers are on their own when finding support for their own well-being. If you work in the finance sector, you have the support of the Bank Workers Charity and other initiatives put in place by employers.

Still, the vast majority of people not involved with financial positions have nothing in place from their employer to support them in times of crisis.

With workplace stress on the increase, mental health is something everyone needs to take seriously

Having income protection in place can help reduce the burden. If your employer has a Group Income Protection option, it is worth considering joining.

However, since many small- to medium-sized employers don’t offer this type of business protection you could benefit from, it’s up to you to protect your income.

You can do that with Income Protection plans; however, not all are the same. As witnessed with the financial sector providing support to their staff, there are income protection plans that give you more than a monthly salary replacement.

Some plans can provide financial assistance, enabling you to self-fund treatment, such as accessing Priory services for faster rehabilitation or any required treatment.

Not all plans go above the money aspect to cater to your health.

Legal and General is one provider that includes a total care package on its income protection plans. The plan aims to get you back to health and, thus, back to work.

You don’t need to work in finance to benefit from the packages tailored to high-stress jobs. Employees can take independent advice and steps to protect more than their income and access the support services needed to get back to health and into the workplace with less stress.

You are not alone in this. We can help you with group income protection, find lost unclaimed insurance policies, and address many other issues. Contact us now.

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