It is important to recognise the need to protect your employees and dependants in the event of ill health, disability and death. This is particularly relevant since the State Provision is likely to decline in the years to come.
Death in Service
Lump sum Death in Service protection, usually based on a multiple of salary, has always been an important part of pension scheme arrangements in view of the low cost and tax benefits.
Permanent Health Insurance
Most employers will have a limit on how long they can continue to pay a salary in the event of ill health. The loss of income to a breadwinner can have a devastating effect on their families. Permanent Health Insurance replaces the lost income and removes the burden and responsibility from the employer.
Providing a lump sum benefit on the diagnosis of a Critical Illness is becoming an important group benefit, especially for senior employees. Arranging cover on a group basis is a very effective way of providing this protection in view of the much lower unit costs.
Private Medical Insurance
This is often regarded by employees as one of the most highly valued company benefits. From an employee's point of view, it provides assurance that medical treatment will be provided promptly and conveniently. From an employer's point of view, health problems can be monitored and absence from work can be kept to a minimum.