Protection

Increase employee engagement by helping your employees protect their financial wellbeing

A highly valued benefit

Group protection benefits provide financial protection for employees and their families. They are highly valued yet are relatively inexpensive for employers compared with some other components of the typical benefits package.

Employer sponsored products can give employees access to insured protection cover either at a reduced rate or free of charge as they are covered under one “group” policy.

Group protection schemes can be tailored to suit most budgets and requirements, and our experts can work with you to build the right package for your business. They can also help you to get the best return on your investment.

Income protection

Group income protection provides a continuing income for employees if illness or injury prevents them from working for a prolonged period of time, and can be used by an employer to cover a contractual promise of long-term sick pay to employees.

Ensuring that staff can continue to pay their bills can help to alleviate some of the stress that goes hand in hand with long-term sickness and help your business manage its sickness absence costs.

Helping employers meet their duty of care

Policies can provide rehabilitation services to ensure absent employees are back to the workplace as soon as possible, helping to minimise claims payments on the policy. Early intervention and advice on the reasonable adjustments needed for staff returning to work can help companies to demonstrate compliance with the Disability Discrimination Act.

Policies often include a free Employee Assistance Programme (EAP) for employees, with telephone support and face to face counselling available on a range of issues. The availability of an EAP is evidence that an employer is taking action to meet its legal requirements to safeguard employee's mental wellbeing.

Features

  • Pays a proportion of an employee's salary if they are off work with long-term sickness or injury
  • Premiums are normally an allowable business expense for corporation tax purposes
  • Benefit payments are usually processed through PAYE and taxed as earned income
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Critical illness

Group critical illness pays a tax-free lump sum to an employee on the diagnosis of one of a wide range of potentially life threatening conditions including heart attack, cancer and stroke.

Group critical illness can help reassure staff that they will receive a lump sum payment to help them with any financial problems that could develop if they contract a serious illness. This could help to pay medical expenses, pay off the mortgage or pay for adjustments to the home.

Relieving pressure on employers and staff

A critical illness policy could assist in reducing periods of sickness absence and aid a return to work. The policy can be used to contribute towards the cost of medical treatment where private medical insurance cover may not be available to an employee, and relieves pressure on the employer when providing financial support for seriously ill employees.

Features

  • Pays a tax-free lump sum
  • Premiums are normally an allowable business expense for corporation tax purposes
  • Treated as a benefit in kind for employee’s tax purposes
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Life insurance

Group life cover is the most common employer sponsored benefit and can often represent the only life insurance provision for low to middle income individuals.

Group life cover can provide peace of mind to your employees that should they die, their families and dependants will receive a tax free lump sum to help them cover their financial commitments.

Highly valued but low cost

Life insurance is a highly valued, but low cost benefit to attract and retain high calibre candidates. As the risk is spread over a number of employees, premiums are usually far less than those paid for individual cover

Features

  • A tax free lump sum to the employee's dependants
  • Premiums are normally an allowable business expense for corporation tax purposes
  • Premiums paid are not treated as a taxable benefit
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