We can help by developing and implementing appropriate protection schemes that cover several risks. These could include but are not limited to any of the following:
Death in Service Schemes
These plans provide a lump sum to employee’s loved ones at such a critical time and can help meet immediate cash calls as well as provide much needed ongoing support.
The plans are normally set up as a multiple of employee’s earnings typically between 1 and 4 times salary.
Excepted Group Life Schemes are normally reserved for higher earning employees and can allow higher levels of tax free payouts than conventional death in service plans that are restricted by the Lifetime Allowance.
Group Income Protection Plans
These schemes provide an ongoing financial payment and rehabilitation support for employees who are unable to work through long term disability or illness. They help alleviate the money worries so often associated with such an event.
Benefit levels are tied to a percentage of earnings and typically commence a few months after the claim has been agreed. Escalating benefits can be arranged and cover typically lasts until the selected retirement age.
These plans can assist employees in getting back to health and back to work. This helps reduce the length of sickness absence and the impact upon the business.
Group Critical Illness Plans
These plans provide tax free lump sums to employee who have suffered any one or more of a list of defined medical conditions or surgical procedures classified as ‘critical illnesses’ and who survive for a period of days thereafter.
These plans are typically linked to employee’s salaries or are of a fixed amount.