Corporate Financial Services
A group life policy provides a lump sum if an employee dies in service. The basis of the lump sum payment can either be based on a multiple of earnings. (i.e. 4x salary) or as a fixed lump sum.
It is also possible to provide a dependants pension. This serves to replace lost income on a regular basis to dependants of the deceased.
Employers can choose pension benefits based on either a proportion of the members prospective retirement pension, or as a fixed percentage of their current earnings.
Group Life cover is a well perceived benefit by employees. It is also a relatively low costing benefit to provide to all staff.
This type of arrangement provides replacement income (usually a % of income up to 75%) to employees if they suffer prolonged absence from work due to incapacity.
The replacement income is paid by an insurer direct to the employer who then pays this to the employee through the normal payroll function.
The insurer will act as a negotiator to enable the member of staff to return to work
Due to medical advances in science, many people in the UK now survive serious illness such as a heart attack or stroke.
Employers take out group Critical Illness plans to provide their employees with a lump sum benefit, should they be diagnosed with a critical illness or suffer permanent total disability.
As with group life insurance, the level of cover is usually based on a multiple of earnings though it could also be a fixed lump sum.
Individuals who survive a critical illness may only be able to return to work in a reduced capacity, if at all. The lump sum therefore provides the means to adapt to a different lifestyle.
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