Offering your most important business asset – your people – employee benefits, providing them with financial peace of mind, demonstrates your genuine care for the welfare of your workforce and their families. Group insurance schemes can also enable you to attract and retain the talent you need to develop and grow your business. There are several different ways you can do this.

Group Life Cover, also known as Death in Service, enables you to provide a tax-free lump sum benefit in the event of an employee’s death, to their family and children. This can be arranged for a fixed amount, or a multiple of salary, and can be offered to the full workforce or a specified group within your business. Group Critical Illness Cover works in a similar way as it enables you to provide a tax-free lump sum benefit to your employees, in the event of a diagnosis of a qualifying critical illness. You will be providing financial support to your employees and/or their families when they need it most.

Group Income Protection is designed to provide your employees with a regular income if illness or injury prevents them from working, over and above the contractual sick pay, for a prolonged period of time. This type of cover can be arranged as a percentage of an employee’s salary. The monthly benefit the business receives in the event of a valid claim can be used to help fund the employee’s ongoing sick pay via PAYE and can also provide cover for your pensions and national insurance contributions. This can be crucial if your employee becomes unable to work for a long period of time during their working life, as it is unlikely that they would be able to continue building up their income for retirement in such an eventuality. Offering such cover can ensure your employees have financial support in the event of illness and can be crucial to their recovery.

Group Private Medical Insurance enables you to provide your employees with access to private healthcare. This highly valued benefit helps you to protect your most valued business asset and can help to reduce sickness-related absenteeism and its related costs. Our team of advisers can talk through all the options with you, to find the best solution for you and your business.