The NHS is a beloved British institution but we all know that it is struggling. The devastating effects of the pandemic, a series of damaging strikes and a huge budget deficit have thrown the NHS into crisis. Millions of people are waiting for appointments and treatments. Few want to abandon the NHS, but many are exploring additional ways to secure their healthcare needs. Lots of people can't afford an individual insurance policy, but if companies can provide health insurance as part of an employment package, it's seen as a hugely valuable benefit; sometimes even more so than salary. In short, providing the right group insurance policies can help businesses both recruit the best talent and retain their most valuable employees over the longer term.Two popular options are permanent health insurance and group health insurance. While they might sound similar, they actually involve very different types of cover, so it's important to understand the difference between the two.Read on as we explain how permanent health insurance and group health insurance differ, the pros and cons of each and what YuLife's policies have to offer. But first, let's answer the common question: what is permanent health insurance?What is permanent health insurance?Permanent health insurance is primarily designed to replace a person's income in case of illness or injury. This ensures they can meet their financial obligations, such as mortgage payments, utility bills and daily living expenses, despite being unable to work. This type of policy often goes by other names, such as group income protection, income protection, long-term disability (LTD), sick pay insurance, or salary continuance.The crucial difference between permanent health insurance vs group health insurancePermanent health insurance and group health insurance policies both provide payments to people when they suffer illness or injury. The key difference, though, is the type and purpose of these payments. While permanent health insurance covers one's income in case of illness or injury, group health insurance, in contrast, focuses on covering a person's medical expenses when they suffer illness or injury. A group health insurance policy will typically offer comprehensive coverage, which may include doctor visits, hospital stays, prescription drugs and preventive care. The advantages of permanent health insurance vs group health insuranceWhen it comes to deciding between permanent health insurance vs group health insurance, it's worth considering that each comes with its own unique advantages. Because permanent health insurance replaces a person's income when they're ill or suffering an injury, it provides a huge amount of peace of mind to the employee, whether a calamity occurs or not. According to MetLife, around 250,000 people leave employment each year due to ill health, around 1% of the workforce, and 60% of these are the main household earners. This comes at a time when more than a third (34%) of UK adults are already feeling anxious about their finances, according to a recent survey by the Mental Health Foundation. In such a climate, the reassurance that permanent health insurance will cover a person's income in the case of a disaster is a valued benefit indeed. Financial difficulties are a common cause of stress and anxiety, which can impede recovery, so an employee who doesn’t need to worry about their finances is likely to get better more quickly and return to work sooner.Providing group health insurance to employees, meanwhile, offers obvious advantages at a time when the NHS is overstretched and struggling to cope. Such policies can allow employees to shift to private healthcare if needed, for anything from a simple diagnosis to a major operation. And again, this provides enormous peace of mind, knowing that if they are sick or injured they won't need to wait for months to get treatment. Group health insurance benefits your business, too, because it means individual staff members' health problems will be resolved more quickly, and may not even develop in the first place, with the employee having greater access to preventative measures. All of this has a positive effect on the costs of turnover and recruitment, which means that such policies may easily pay for themselves.What YuLife can offerAt YuLife, Permanent Health Insurance is known as Group Income Protection, which makes the distinction between the two types of benefit a little clearer! This policy pays out a portion of an employees’ salary on a monthly basis to keep their finances in check when they can’t work due to injury or illness. Employees also get access to an Employee Assistance Programme (EAP) and vocational rehabilitation, to help them get better quicker and get back to work as soon as possible. This type of coverage can last through to retirement if needed. Usually, the amount ranges from 50% to 80% of monthly earnings, and is adjusted for inflation over time, so that the value of the payouts are not eroded by the rising cost of living.Meanwhile, YuLife’s Group Health Insurance (provided by Bupa) provides world-class healthcare support. Employees get access to 600 hospitals in the Bupa network, as well as the most extensive mental health cover in the market, 24/7 virtual GP appointments, medication delivered to their door, and an AI symptom checker. Outpatient consultations and treatment is available for all eligible conditions, including extensive cancer cover for every stage of treatment. Best of all employees get fast access to treatment, with referrals for cancer, mental health and musculoskeletal health conditions.If you’d like to find out more about YuLife’s game-changing approach to both group income protection and health insurance, schedule a 10-minute call with our team.