Branch counters, operations and trading floors
Banking covers a wide range of jobs: branch advisers, mortgage advisers, operations teams, fraud and compliance, technology and trading. Most are desk-based, with long periods at screens and in meetings, and some branch roles involve standing at a counter.
Physical injury is rare. Mental health is a bigger concern, especially in target-driven sales roles or high-pressure trading and risk jobs, and back, neck and wrist problems from desk work follow close behind. Income protection pays if any illness or injury keeps you off work beyond the deferred period.
Making sense of your bank benefits
Many banks offer a strong benefits package. You may have months of full sick pay, group income protection that pays for a fixed time and death in service at a multiple of salary. Your benefits portal or flexible benefits window should spell out the details.
Personal cover can sit on top. You might set the deferred period to start after your group scheme ends, or insure your bonus if the scheme only covers base salary. Most importantly, personal cover stays with you if you change employer or are made redundant.
- Check how long sick pay and group cover last
- See whether bonuses are included
- Consider what happens if you leave or are made redundant
Restructures, branch closures and redundancy
Banking has seen plenty of restructuring, and branch roles in particular have changed a lot. If you are made redundant, your group income protection and death in service usually end on your last day.
A personal policy keeps going as long as you pay the premiums. Some policies limit cover while you are out of work, so check the wording. Buying while you are employed and healthy avoids a gap when you need cover most.
How banking jobs are rated
Banking roles usually sit in lower-risk groups, which helps keep premiums down. Own occupation cover is widely available, so a claim is judged on whether you can do your banking job.
If you move from a branch into a head office role, or into a very different job, tell the insurer if the policy asks you to.
Life cover for bank staff and our support
Death in service can be generous at large banks, but it ends when you leave. A personal life policy in trust can protect your mortgage and family for the long term, whoever you work for.
We help bank staff work out what their group schemes already cover, then compare the insurers on our panel for anything extra, so you avoid paying twice for the same protection.