Whether you are a multi-national plc or a newly established organisation, we know just how much you rely on the skills and knowledge of a motivated workforce.
For human resources however, the problem of sickness absence can pose a unique and demanding set of challenges.
Group Products allow companies to safeguard their business, and their employees, against the financial impact of an illness, injury or death.
Group Income Protection
Group Income Protection insurance helps employers to safeguard the well being of their staff by providing a replacement income for their employees during long-term absence from work through illness or injury.
Long-term illness and injury can be a challenge for employers in many ways:
• Employees on sick leave have to be paid. Statutory Sick Pay must be paid for 28 weeks but many employers feel obliged to extend this period.
• Other staff may have to cover for sick colleagues resulting in production problems, overtime payments and an impact to employee morale.
• New staff must be trained to provide a replacement either temporarily or permanently.
• The Disability Discrimination Act, with changes in October 2004, requires all employers to make adjustments to the work environment to allow a disabled employee to come back to work.
Group Income Protection addresses all these realities in one simple and flexible product.
Group Life Insurance
Modern medical care, living conditions and health awareness mean that we now live longer, healthier lives. This can make an unexpected death all the more shocking.
Family, friends and colleagues are all impacted by the premature death of someone they know and love. The death of a breadwinner in particular can have far-reaching consequences for the immediate family.
The peace of mind of knowing that dependants will be provided for in the event of early death is one of the simplest but most highly valued benefits available to employees.
Group Life Insurance offers employers the chance to provide an important level of benefit should an employee die whilst in service.
Relevant Life Insurance
A Relevant Life Insurance policy is an individual death in service policy that can allow an employer to provide tax efficient life cover for employees.
Premiums are paid by the employer and may be rated as a business expense, but this must be agreed with HM Revenue & Customs.
The cover does not form part of an employee’s lifetime pension allowance.
It can provide a cost-effective solution to provide life cover for employees of organisations that are not eligible for – or do not provide – a group life scheme.
A Relevant Life Insurance policy must be written under Discretionary Trust for Relevant Life Insurance.
A Relevant Life Insurance policy will only pay the cover amount on death, or terminal illness, i.e. having a life expectancy is less than 12 months.
On leaving service it may be taken over by the ex-employee if agreed by the employer.
Group Critical Illness Cover
• Choice of level of cover on each policy –
• Ability to choose which staff are covered. You can include all employees or specific categories such as those of a certain staff grade.
• Choice of how a lump sum is calculated – either as a fixed rate per employee or as a multiple of current salary.
• A simple one-off payment made direct to the employee. Employee’s spouses may also be covered. Cover for children aged 6 months to 18 years is automatically provided for, free of charge on most contracts.
• A guaranteed lump sum that is paid to the employee tax-free after the 14 day survival period.
• A policy that can be complementary to the Group Income Protection and Group Life Insurance plans to form a complete group protection package for employees.
Group Private Medical Insurance
To keep your business on track, your staff need to be at work. Sickness absence poses a significant threat to any business, regardless of size.
Company health care aims to provide an efficient, cost-effective safeguard for your business. It offers you the reassurance of knowing that if your employees fall ill, they can have access to eligible medical treatment at a suitable time and place.
This can help them get back to work sooner, minimising the impact on your business. It can also be seen as a valuable employee benefit, demonstrating your commitment to staff morale and welfare.