How to look after your employees

Employees are increasingly looking for employers to offer benefits other than salary. The group protection market is one such area where an employer can offer their employees a valuable benefit which has a very positive effect on staff morale and staff retention.

Our team in Leicester has considerable experience in arranging group life assurance, income and health insurances and will recommend solutions to give you the best combination of product terms within your specified budget.

Group Life assurance

Group life assurance can pay a lump sum or dependants’ pension for the loved ones of an employee who dies whilst covered by the policy. The cover is not classed as a benefit in kind for the employee, and is normally written in trust so it will not form part of the employee’s estate on death.

Most lump sums are paid free of tax, whilst any dependant’s pension will be taxed as income.

Employer premiums will also normally qualify for tax relief and the cost of providing life cover to your employees can be as little as 1% of payroll, depending upon the level of cover provided.

An additional benefit of group life cover is that an element of the cover will be provided without the need for any medical underwriting.

Group Income Protection

Income Protection provides a financial benefit and often rehabilitation support, when an employee is unable to work because of long term illness or injury. A regular income is paid, after an initial waiting period, which can help to relieve money worries at a difficult time.

It can be used by employers to help manage sickness and the associated cost, as rehabilitation support can help employees get back to health and back to work, which reduces the length of sickness absence and the impact on an organisation.

Benefits are normally based on an employee’s earnings, with options available to meet the employer’s specific needs and budget.

Group Critical Illness Protection

Group Critical Illness cover provides a lump sum when an employee suffers a critical illness or undergoes an operation. Critical illness policies will specify the illness and operations which are covered by the policy. A Group Critical Illness payment is designed to cover expenditure for large costs, such as adapting facilities in the home or covering mortgage costs.

Group Critical Illness benefits offer peace of mind to individuals, and help employers offer a rounded benefits package to their employees.

Our advisers in Leicester will work with you to understand your workforce and your business goals to develop a group protection strategy that meets the needs and requirements of your employees. We can review any existing policies you have, providing advice and recommendations on a wide range of group protection options.