Protect What Matters Most — Your People
Group risk benefits like life cover, income protection, and critical illness provide financial security for your team and peace of mind for your business.
Group Risk
Group Risk covers three primary product areas: Group Life Insurance, Group Income Protection and Group Critical Illness. We work with you as the employer to define the categories of scheme membership to ensure that eligibility definitions are clear, with no ambiguity in terms of who is covered.
All group benefits and premiums are treated as tax efficiently as possible, with tax free benefits explored, where possible, and premiums treated as tax deductible business expenses.
Group Risk Benefits
Group Life
Group Life Assurance provides a benefit on an employee’s death in service and is one of the most simple and cost-effective, but most highly valued employee benefits that a company can offer its staff.
Used on its own or as part of overall benefits package it can assist in attracting and retaining talent within your business, while at the same time demonstrating your duty of care and promoting your company culture as a caring employer.
Group Life cover can help ensure employee dependents receive financial assistance – relieving money worries through a very difficult period.
The benefit is usually a tax-free lump sum payable to nominated beneficiaries with settlements made via the scheme Trustees (either an Employer’s own or insurer’s Master Trust)
Benefits are normally based on the employee’s earnings (up to a maximum multiple of annual salary) or as fixed lump sum amounts, and these can be tailored to meet an employer’s specific Demands & Needs, and those of their staff.
Generally, premiums paid by an employer can be offset against corporation tax and are not regarded as a P11d benefit in kind for employees.
Group Income Protection
Group Income Protection is designed to protect both employer and employee from the financial consequences of long-term absence.
Whether used as part of a comprehensive employee benefits package, or on its own, this valuable benefit is designed to provide a financial support of a proportion of income replacement for employees if they are unfortunate enough to be unable to work for an extended period, due to illness and/or injury.
In addition, it provides invaluable employee rehabilitation and support services as both prevention and cure (i.e. Employee Assistance ‘EAP’ programmes) to help ensure employees get all the help they need to return to work as soon as possible and in some instances alleviate the need for absence altogether.
Benefits are normally based on an employee’s earnings, with options available to meet the employer’s specific needs and budget.
A range of cover options enables employers to mix and match benefits, tailored to their exact needs and also to contain and/or limit costs.
The scheme benefit is normally paid to the employer and passed to the employee through the PAYE payroll system. Generally, premiums paid by an employer can be offset against corporation tax and are not regarded as a P11d benefit in kind for the employees, rather they are taxed as earned income.
Group Critical Illness
Being diagnosed with a serious critical illness is an extremely distressing time for anyone, their loved ones, and their employer. Although advances in medicines and treatments are constantly improving survival rates, recovery is often prolonged.
Group Critical Illness cover is another highly valued employee benefit that can provide additional financial security while an employee is off work because of a critical illness.
Group Critical Illness cover is designed to pay a tax-free lump sum directly to an employee should they suffer from a list of specifically pre-defined medical conditions or surgical procedures, classified as critical illnesses (e.g., cancer, heart attack, stroke, major organ transplant), and survive for a set number of days (typically 14 to 30 days depending on the insurer).
The benefit payment can be used by the employee to help them access treatment, make home or lifestyle changes, cover mortgage payments or other personal needs.
Policies can also include spouse/partner and children
Where cover is paid for by the employer, corporation tax relief is usually given on the premiums. The contributions paid by the employer are however treated as a P11d ‘benefit in kind’ for the employees by HMRC, so an employee’s personal tax allowance may be reduced.
Important Note: Pre-existing medical conditions are almost never covered by these types of schemes and so employees may not be able to claim for an illness if they have had symptoms or been treated for that illness (or for any related conditions) before they join an employer’s policy.
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