Group Life Insurance (also known as death in service benefit)
Group Life Insurance also known as death in service benefit, is a life cover policy which provides cover for all of your employees. On death of an employee, it pays out a tax-free lump sum to their nominated beneficiaries based on a multiple of their salary.
Employees particularly value this benefit as they can have the peace of mind that their loved ones will receive a lump sum towards paying off any debts/liabilities/mortgage or even just to support their daily living needs, in the event that they were no longer around.
Group Private Medical Insurance
Group Private Medical Insurance provides employees with access to private medical treatment and care at a number of nationwide hospitals and clinics. This valuable benefit means that should your employees fall ill they can be treated promptly meaning they can return to work quicker, which in turn reduces the costs incurred to the business to cover absentees.
Group Income Protection
Group Income Protection is a group policy that provides you with funds with which to continue to pay a salary to employees in the event that they are unable to work due to an illness or injury. In the event of a claim, the policy provides you with funds to ensure that your employees will receive a proportion of their normal regular monthly income to support their daily living needs.
The premiums for Group Income Protection usually qualify as an allowable business expense meaning a reduction in your corporation tax bill.
Overall, the benefit promotes health and wellbeing and helps to manage long-term sickness absence as most policies also include rehabilitation assistance where appropriate, to help support employees back into the workplace.