Group Life Cover (Death in Service) is life assurance provided by a company for its employees (the employer pays the premiums to cover the employees). It provides a lump sum on the death of an employee for their dependents.
On the death of a scheme member, a lump sum is paid to trustees. The trustees pass this along to the member’s estate.
This is a way for an employer to provide financial security to an employee’s family in the event of that employee’s death during service. This provides important peace of mind to employees.
Income Protection is designed to provide an income for employees if they cannot work for a prolonged period of time due to illness or injury. Payment begins once a predetermined period called the “deferred period” has passed since the onset of the illness/injury leading to the claim. Payments can continue until age 65, depending on the scheme.
It also assists with the following:
- Assist with the retention of Staff
- Make it easier to recruit new Staff
- The employer can write off the cost of providing benefits against corporation tax
- We make it easy for both employers and employees to engage with and understand the benefits.