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EMPLOYEE BENEFITS
EMPLOYEE BENEFITS
Protecting you and your staff.
Increasingly, employers are using group protection schemes to ensure their staff and their dependants are financially protected against ill health or loss of life.
Such schemes can also come with a range of other benefits, including Employee Assistance programmes, enabling you to support staff and their families during these difficult times.
GROUP
PROTECTION SCHEMES
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Group Life
ButtonAlso commonly referred to as Death-in-service, this policy will pay a lump sum, usually a multiple of salary, should a member of staff die, so you can pass it on to their family.
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Group Income Protection
ButtonThis enables employers to offer long term sick pay to employees without having to bear the cost of this themselves.
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Group Critical Illness
ButtonSimilar to group life this policy pays a lump sum on diagnosis of a critical illness.
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GROUP LIFE / DEATH-IN-SERVICE
Protecting your employees' families
Group Life Insurance provides employees with peace of mind, knowing that loved ones will be provided for in the event of untimely death.
It is one of the simplest and most highly-valued employee benefits that a company can offer its staff.
Benefits include:
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A lump sum benefit if an employee dies in service.
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Access to bereavement counselling.
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No inheritance tax as the lump sum payment does not usually form part of an employee’s estate.
✔︎As the premium isn’t classed as a ‘benefit in kind’, employees won’t need to pay additional taxes.
GROUP INCOME PROTECTION
Protecting employees during ill health
Provides a financial benefit and rehabilitation support if an employee is unable to work because of long term illness or injury.
If the policy incapacity definition is met then payment starts after a deferred period. The deferred period is like a waiting period which is often 26 weeks but there’s a range of options to choose from. The payment can continue until the employee returns to work otherwise, depending on the options chosen, when they reach their state pension age.
Policies include rehabilitation where appropriate, to help support employees back into the workplace.
GROUP CRITICAL ILLNESS
Protecting your staff financially if they get a critical illness
Group Critical Illness cover pays a tax-free lump sum directly to an employee should they suffer any of a list of defined medical conditions or surgical procedures, classified as critical illnesses.
- The lump sum can be used however a member wants, for example to:
- Take time off work without being financially worse off
- Fund private health treatment
- Make adaptations to their home
- Take time off to care for a loved one (if cover includes a benefit payment should their child or spouse get critically ill)
Policies can be written so the benefit paid is either a multiple of salary (typically between 1 to 5 times salary) or a fixed amount. Schemes typically need a minimum of three members.
Many schemes will include Employee/ Employer Assistance Programme offering employees access to additional support services at no extra cost.
PRIVATE HEALTH INSURANCE
Providing private health care for you and your employees
Looking after your team's health can be just as important to your business as it is to them, especially if that employee is a key member of staff and they’re off for a prolonged period of time and have to wait for the medical treatment they need.
Private health cover is designed to cover the costs of private medical treatment for curable, short-term illnesses or injuries, generally covering in-patient and day-patient treatment as well as eligible out-patient treatment, enabling your members to return to work as soon as possible.
HEALTH CASH PLANS
Help staff stay fit and healthy
Health Cash Plans provide an affordable way for employers to look after the health and well-being of their staff, ensuring they seek treatment early, without bearing the cost personally, which can also help to reduce absence.
Plans typically give a choice in the levels of cover available which increase the value of funding available for the types of eligible treatment. These plans have set costs per member, from as little as £1 per week, per member, and will not increase if your staff make a high volume of claims (unlike Private Medical Insurance)