Early notification bonus
An integral part of a group income protection policy is the support and service offered to both the employer and his absent employee when an application for benefit is made.
We ask for early notification of the employee’s absence so we can give suitable support as soon as possible. Early notification allows us to work with the employer to provide effective absence management and to pay benefit without delay if the absence becomes a claim.
We would like the employer to tell us about all members of a group income protection scheme who, because of illness or injury, are continuously absent from work for four weeks. This applies even though the policy may have a deferred period of a minimum of 13 weeks.
Telling us of absences at four weeks gives us the opportunity to help the employer get employees back to work sooner. It means we can understand the cause of the absence earlier and gives us the chance to offer suitable help, treatment and advice. If we’re not told about an absence at the earliest opportunity then the chances of a successful rehabilitation are reduced.
Early notification bonus
We’ll pay a bonus if you tell us about all those scheme members who are continuously absent for four weeks.
For schemes with 500 staff or more, the bonus period will be annual and run from the policy start date until the first annual renewal date, and then annually thereafter.
For schemes with 250 to 499 staff, the bonus period will be for two years, which will normally run from the policy start date until the guarantee expiry date and every two years thereafter.
The bonus is not available for schemes insuring less than 250 staff. The Cash Back terms may be reviewed or withdrawn at the end of each bonus period, or if the membership changes by more than 25%. Please contact us if the policy is closed to new entrants. We may apply different conditions or not allow participation for Cash Back. Terms and conditions apply.
How much is the bonus?
We’ll pay a bonus of 5% of the policy premium.
We base the bonus on the premium paid at the previous annual renewal date, but exclude medical loadings and time on risk charges. We adjust the bonus accordingly if the premium changes during the scheme year because the scheme membership changes by more than 25%.
There’s no maximum monetary amount of bonus that we’ll pay.
The bonus is not a refund of premiums, it is a separate amount paid outside of the scheme accounts.
How do employers qualify for the bonus?
We would like to be told about all scheme members who, because of illness or injury, are continuously absent from work for a period of four weeks. To qualify, we must receive the notification within two weeks following the end of the four week absence period. So that is six weeks in total to tell us about each absent employee.
We realise that this may be difficult to do every time, so we’ll still pay the bonus if we’re told of at least 80% of all relevant four week absences.
We’ll also pay the bonus if the employer has no absences to tell us about during the policy year.
5% Cash back early notification bonus
