Group risk and medical
Provide a financial lifeline to your employees when they need it most
Group risk policies help to promote a healthy and stable working environment and provide benefits to both your business and your employees. Group risk policies help to ensure business continuity by helping your employees get back to work after illness. They also support your employees, and their families, through some of the most challenging times.
Group income protection
Income protection helps to manage sickness and the associated costs by providing financial support to employers so they can continue to cover an employees benefits (salary, national insurance and pension contributions) during episodes of illness or injury. It also helps employees get back to work as quickly as possible, or keeps them in the workplace for as long as possible by providing practical support and rehabilitation.
Group critical illness cover
Group critical illness cover provides financial support to employees if they are diagnosed with an illness, or require an operation that is deemed ‘critical’ in the terms of the policy. Illnesses and operations covered commonly include cancer, Alzheimer’s disease, Parkinson’s disease, cardiac arrest and heart valve replacement or repair, and major organ failure or transplant to name just a few.
Financial support is provided through the payment of a lump sum. This lump sum is designed to cover costs commonly incurred due to a critical illness, for example, adapting facilities in the home or to cover mortgage costs due to the inability for the policy holder to work. However, it can be used at the employees discretion.
Group life assurance
Group life assurance schemes provide financial and emotional support to the beneficiaries of the policy during the most difficult circumstances of bereavement.
Financial support is provided in the form of a tax free lump sum that is paid to the loved ones of the employee after loss of life. Added value benefits such as support and counselling may also be provide emotional support to the beneficiaries of the policy and colleagues who may also have been affected.
Group death in service
Group death in service is similar to life assurance as it provides financial support to the employee’s beneficiaries in the event of loss of life.
Typically these provide an income which would be based on a percentage of the employees salary.