There are several options when it comes to providing financial protection for employees and getting the right mix of cover in place is a core skill of our expert team.
A Group Life policy provides a lump sum if an employee dies in service. The lump sum payment can either be based on a multiple of earnings – for instance, four times the salary– or as a pre-determined fixed lump sum.
It is also possible to provide a dependants’ pension through a group scheme. This serves to replace the lost income for dependants of the deceased.
A Group Income Protection arrangement provides replacement income (usually a percentage of income up to 75%) to employees if they suffer prolonged absence from work due to incapacity. The period after which it becomes payable is usually between six months and two years.
The replacement income is paid by an insurer direct to the employer who then pays this to the employee through the payroll.
The constant progress of medical science means many people in the UK now survive serious illness such as a heart attack or stroke. Employers take out Group Critical Illness plans to provide their employees with a lump sum benefit, should they be diagnosed with a critical illness or suffer permanent total disability.