Business Protection

Group Employee Benefit Schemes

When business protection really pays off

Group employee benefit schemes

Our aim is to guide you through this complex insurance market and ensure that you get the best return on your investment whether measured by employee satisfaction, enhanced productivity or value for money.

Whilst offering a competitive salary will always remain a key part of any recruitment and retention package, offering a comprehensive employee benefits package can be a more tax efficient way to attract and retain the right type of staff to your organization.

Group Life Insurance (Death in Service)

Group Life Insurance is essentially life insurance for your employees which means that if they die in service, a tax free lump sum is paid out to their family.

Group life policies are usually written in Trust so that it is ultimately the Trustees decision to whom any benefits are paid. By placing the policy in Trust, the cash sum can be paid out promptly to the employee's beneficiaries.

The life insurance premiums are paid by the employer so they are not subject to income tax.
Any lump sum paid out to the beneficiaries is not subject to Inheritance Tax.

Group Income Protection

Group Income Protection insurance is designed to help you manage long term sickness absence more effectively. By providing a guaranteed income for employees who are unable to work as a result of illness or injury, you are able to financially support them through what can be an emotionally and financially difficult time.

Group Income Protection can take a number of different forms; most usually it is designed to provide a percentage of the employee's gross pay less the employment and support allowance (ESA). The benefit is paid gross and as the employer you deduct tax and National Insurance before passing it on to the employee as pay

One of the major benefits of group income protection that often gets overlooked is the rehabilitation programs that are often available as part of the product, supporting employees through stressful times and encouraging their recovery and return to work.

Group Critical Illness

Group Critical Illness Cover pays a tax-free lump sum directly to your employee should they suffer any of a list of defined medical conditions, classified as critical illness events and survive for 14 days or 6 months in the event of Permanent Total Disability.
The lump sum can be used by the employee to help ease some of the financial problems that will inevitably occur, such as maintaining mortgage payments, making adjustments to the home and accessing treatment, often helping them to return to work sooner.

Group Private Medical Insurance

No employer wants a workforce constantly taking sick days, and similarly, no employer wants unhealthy staff as this reduces productivity and therefore costs money.

Group Private Medical Insurance (PMI) is a policy taken out by an employer to enable their employees to receive eligible private treatment quickly with the minimum disruption, thereby helping to reduce the cost of sickness absence

Taking out a group health insurance policy will guarantee that your workforce has access to good quality medical facilities; depending on the nature of your policy, these facilities might be offered on a regular basis, or as a ‘drop-in’ service for non-emergency patients.
In addition many providers provide rehabilitation programs which aid employees back to work.