Assumptions: Nationwide business in finance sector, where the average age is 30 years old and the average salary is £30,000, where LifeSearch take a 10% commission and all cover finishes at the statutory retirement age or 65. For Group Life, available immediately on employment. For Income Protection there is no deduction for state benefits, the escalation rate is 0% and the deferred period is 13 weeks.
Some of the numbers:
- One in three employees have no form of cover
- The average cost of absence is £609 per employee per year
- On average, 6.6 working days per employee per year are lost due to sickness absence
- One fifth of absences are long term (lasting at least 4 weeks)