Key Person Insurance
This is often put in place to give the shareholders confidence that individuals that are key to the brand are insured for example your CEO, CFO, Directors, Designers who are Key to the success of the business.
Key Person Protection (also known as key man insurance or key person insurance) is a business insuring itself against the financial loss it would suffer if a key person in their business died or were diagnosed with a specified critical illness if chosen, during the length of the policy. It also pays out if the key person is terminally ill and meets the insurer’s definition of this. Together we calculate the sum assured that would be required depending on the size of the company and the individuals role.
Group Life (Death In Service)
Provision of a group life assurance scheme goes a long way towards demonstrating an employer’s genuine care for staff welfare as well as encouraging loyalty and reassuring staff that they are valued. The registered schemes premiums are usually allowable as a business expense thereby reducing the net cost to the employer through corporation tax relief.
Is there a difference between group life and individual life insurance?
Group life insurance is a term insurance plan that does not accumulate cash value. Because group life insurance is employer-sponsored term insurance, it provides more protection at a lower cost than individual life insurance. A group life assurance scheme can offer, in the event of an employee’s death whilst they are on your payroll, a multiple of salary (i.e. 4 x salary) and/or a fixed amount as a lump sum benefit to the employee’s family and dependents.
Relevant Life Policies
A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the employee dies whilst employed during the length of the policy. It will also payout if the employee, whilst employed, is diagnosed with a terminal illness and meets our definition at any time during cover. A Relevant Life Plan is paid for by the employer and generally the premiums are a tax deductible expense to the business.
Private Medical Insurance.
Private health insurance gives your employees the peace of mind that comes with knowing you can get fast access to high-quality treatment when you need it, where you want it.
WHY DO YOU NEED IT?
Private healthcare gives you fast access to treatment. Private healthcare also gives you the flexibility and freedom to fix appointments and treatment dates – making it easier to fit in to a busy work schedule. Plus, you get access to high-quality care and private rooms in a clean, relaxing, peaceful environment to help you recover as quickly as possible.
Group Income Protection Policies
Group Income Protection (GIP) is cover that employees can only get through their employer – usually as part of an employee benefits package. You may hear Income Protection sometimes referred to as permanent health insurance or PHI, but it’s exactly the same product.
What is Income Protection insurance?
Income Protection insurance provides a regular replacement income if someone is unable to work because of illness or injury. Typically, a policy pays out after they’ve been off work for 6 months (often called a deferred or waiting period) and can pay up to 80% of their salary until either they return to work, die or reach retirement age, depending on the policy terms and conditions. If an employee can return to work, but on a reduced basis which means they earn less, it may continue to pay out a reduced amount that takes the drop in salary into account.
Which? Magazine said the one protection policy every working adult in the UK should consider is Income Protection. Yet more people in the UK insure their pets or even their phones, forgetting to insure the very thing that pays for it all – their income.