Group Life/Income Protection/Critical Illness
Group Life Assurance (or Death-in-Service)
Setting up a Group Life Insurance (increasingly now on a ‘stand-alone’ basis as opposed to under a legacy pension scheme trust) is perhaps the most cost effective and easily understood Risk benefit to offer. Providing your employees with life cover emphasises your paternal approach and provides the comfort that an employee’s spouse/dependants will benefit greatly from during a very delicate time when financial support is most needed.
Group Income Protection Cover (or Group Permanent Health Insurance)
Letting a valued staff member go because of ill health or disability clearly can be a very difficult and stressful decision at what is a vey delicate stage for all concerned. If, however, the staff member enjoyed Income Protection Insurance as part of their benefits package, their salary will be largely replaced by income from the insurer. This makes for much better management.
Group Critical Illness Cover
This increasingly popular and well received benefit is very much complementary to Group Income Protection and is designed to provide employees with a cash lump sum benefit on the diagnosis of a covered critical illness (eg. Some forms of cancer, heart attack, stroke, multiple sclerosis) Some superior policies also pay out on a Total Permanent disability of own occupation. Typically schemes are written on a 1 or 2 x multiple of salary.