Whether you’re a small business owner who thinks offering employee benefits such as Group Income Protection (GIP) is something you just can’t afford to do, or an employee benefits leader questioning the administrative burden of group protections — we’re here to dispel some myths.Here we break down 8 common beliefs about Group Income Protection and demonstrate how this type of support is not only beneficial for the financial security and welfare of your employees but can also play a crucial role in improving the performance of your business.Myth 1: Group Income Protection is one size fits allGroup Income Protection is a form of salary replacement that gives your people a monthly income if they are unable to work due to an injury or long-term absence. The amount paid is based on a percentage of an employee’s salary and employers can choose both how long until the first payment is made, and how long the benefit is paid for. So Group Income Protection plans can be customised to suit the size, needs and budget of your business.YuLife also provides customisable Group Income Protection policies that go beyond the standard offering, with daily engagement tools and rewards through the employee app.Myth 2: Group Income Protection is too expensive for small businessesOffering Income Protection doesn’t have to cost a lot of money. YuLife’s plans are tailored to offer an affordable option, whatever the size of your business.Investing in Income Protection can also result in long-term savings. Providing financial security if your people get sick or are injured gives them peace of mind that they will be able to cover their living costs if they are unable to work and plays a crucial role in supporting mental health in the workplace. Myth 3: Group Income Protection doesn’t offer real benefits to employeesAccording to figures from the Health and Safety Executive, almost half of the 1.8 million suffering from a work-related illness in 2022-2023 (875,000), were experiencing stress, depression or anxiety.One of the primary causes of stress and anxiety is money worries — and the mounting pressures on family budgets due to the cost of living crisis mean that is an issue having an impact on increasing numbers of people.YuLife’s 2022 Employee Health and Wellbeing survey found that a staggering 80% of employees surveyed were worried about their financial wellbeing.Knowing that you will receive at least some of your salary if you are unable to work can be a huge weight off someone’s shoulders. If your employees don't have to worry about paying the bills, they can focus on getting better and returning to work quicker. Myth 4: The administrative burden of GIP is overwhelmingNot only can it be more cost-effective to purchase group income protection rather than having to cover sick pay from your own budgets, having all of your people under one policy saves time and effort. YuLife simplifies the process of obtaining and managing Group Income Protection insurance, with clear guidance and 1-2-1 support throughout, from initial inquiry to policy implementation and ongoing management.With its gamified benefits app and user-friendly Employer Portal, YuLife’s technology-driven approach to employee benefits also makes it easy for people professionals to implement, manage, and track the success of their benefits programme. Myth 5: Healthy teams don’t need Income ProtectionEven the healthiest teams can face unexpected illness – and anyone can be involved in an accident that means they’re unable to work. As well as providing a financial safety net, YuLife offers rehabilitation support services to help your employees access the right treatment and speed up their return to work.Employees who have had an illness or injury often require a phased return, and Income Protection can smooth that transition by topping up pay as they gradually re-enter the workplace. Plus, easing back into work without the extra stress caused by financial concerns should lower the chance of a relapse. YuLife’s proactive approach also rewards healthy habits such as walking, cycling and meditation. The more active your employees are, the more in-app rewards called YuCoin they can earn, which can then be redeemed for shopping vouchers or charitable donations.Myth 6: Providing Income Protection Insurance increases sick leaveYou might think providing extra financial support for people when they are unwell or injured would mean more people out of the workplace for longer. But, if you opt for plans that promote early intervention as well as rehabilitation like YuLife, you can get 24/7 mental health support through your Employee Assistance Programme and access to experts who can recommend the right treatment at the right time, ultimately, minimising absences long-term.HR workshops covering topics such as menopause and occupational burnout provide your teams with the tools they need to offer support when it’s needed.Regular access to healthcare can also mean people get diagnosed and treated more quickly, which reduces recovery time and combats long-term absenteeism.Myth 7: It’s just a ‘perk’, not a necessityIn today’s competitive job market, offering Income Protection Insurance can significantly boost your chances of hiring and retaining the best talent. Demonstrating your commitment to your people by prioritising their wellbeing makes your company a much more desirable place to work.Myth 8: Employees prefer higher salaries over benefits like Income Protection Salary is undoubtedly important — but more and more employees are placing equal, if not greater, value on employee benefits offerings. According to a 2023 report by Zest responding to the cost of living crisis, 42% of those surveyed and more than half (55%) aged between 18 and 34 say a good benefits package is the most important requirement in deciding whether to take a job. Providing Group Income Protection Insurance shows that a company genuinely supports its people, financially and emotionally. And, in the long run: you’ll be able to reduce absenteeism, minimise turnover and boost business success. About YuLifeYuLife is working to reimagine the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work?Our award-winning app uses behavioural science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance programme, your team gets access to mental, financial and social support, virtual GPs, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for your team today.