Group protection
What happens when life takes an unexpected turn for your employees?
Group protection benefits - also known as risk benefits - provide a vital, affordable and tax-efficient safety net, offering support and reassurance during uncertain times. They help employees feel secure, knowing they and their loved ones are protected from financial hardship when it matters most.
By providing this essential layer of support, risk benefits demonstrate your commitment to employee wellbeing, fostering trust, loyalty and peace of mind in the face of life’s challenges.
Group life assurance
Group life assurance is seen as one of the most meaningful benefits you can offer, providing employees with the reassurance that their loved ones will be cared for if the unexpected happens.
An unexpected death not only brings emotional devastation but can also create significant financial challenges for a family. From covering funeral costs to managing ongoing financial commitments and coping with a sudden drop in income, the impact can be overwhelming.
By offering a tax-free lump sum in the event of the employee’s death, group life assurance helps to ease the burden and provides much-needed financial security during an incredibly difficult time.
Most policies also include valuable extra services such as bereavement counselling or probate advice to provide that additional level of support to your employees and their family.
Group income protection
Group income protection serves two key purposes within a business.
Firstly, if an employee is off work due to medium or long-term illness or injury, group income protection steps in as a lifeline, providing a portion of their salary to ease financial worries.
Group income protection cover usually dovetails with your sick pay policy to provide a seamless and supportive solution for managing employee absence.
Secondly, the group income protection insurer provides a huge range of absence prevention and rehabilitation services to help keep your employees healthy or help them recover as quickly as possible. This not only supports the employee but ensures that your business runs efficiently and effectively.
Group critical illness
In recent decades, advancements in medical science have transformed the way we treat and survive serious illnesses. Conditions that were once fatal are now more manageable. However, while survival rates have increased, many individuals are left navigating life with the financial and emotional challenges that recovery often brings.
Group critical illness offers a tax-free lump sum payment upon the diagnosis of a serious condition. This support can help ease the financial strain of recovery, covering costs like home adaptations, medical expenses or mortgage payments, so employees and their families can focus on rebuilding their lives.
For businesses, it reduces the pressure of providing financial support for seriously ill employees, offering a structured solution to meet their needs. It can also facilitate a quicker recovery and reduce extended periods of sickness absence, aiding a smoother return to work.
