When life is going well, it’s easy not to think about more difficult times.
Group life insurance (also known as Death in Service) is one of the simplest but most highly-valued employee benefits that a company can offer its staff.
If an employee were to die unexpectedly, the life cover you put in place for them would help ensure their family could cope financially – relieving money worries at a very difficult time.
Life cover has always been an expected and valued employee benefit as well as inexpensive to provide. It can assist in attracting and retaining talent within your business, while at the same time demonstrating your duty of care as an employer.
Benefits are normally based on the employee’s earnings (up to 12 x annual salary) and can be tailored to meet the employer’s specific needs and those of their staff.
Group Income Protection
Income Protection provides a financial benefit and rehabilitation support if an employee is unable to work because of long term illness or injury.
Group Income Protection can be used by employers:
- To help manage sickness and the associated costs. Our rehabilitation support can help employees get back to health and back to work – reducing the length of sickness absence and the impact on an organisation.
- As an employee benefit to provide continued income for sick and incapacitated employees, helping to relieve money worries at a difficult time. This valuable benefit can boost morale and help attract and retain the right calibre of staff – factors that are essential to business growth.
Benefits are normally based on an employee’s earnings with options available to meet the employer’s specific needs and budget.
Group Critical Illness cover pays a tax-free lump sum directly to an employee should they suffer any of a list of defined medical conditions or surgical procedures, classified as critical illnesses (e.g. cancer, heart attack, stroke), and survive for a named number of days (14 in the case of Unum’s Critical Illness products).
The lump sum can be used however a member wants to. For example, they could fund private health treatment, make adaptations to their home, take time off to care for a loved one, or take a well-deserved holiday once their treatment is finished.
Employer Sick Pay
Sickness absence causes problems for every business. The costs are unpredictable, difficult to budget for and can be large enough to leave many companies struggling to absorb them.
Sick Pay Insurance from Unum:
- provides short-term financial support for sickness absence
- can pay benefit from as little as one week’s absence
- offers professional claims management support, allowing employers to flag non-work related claims and validate claims through independent, evidence-based expertise
- is designed to complement a business’ existing sick pay scheme and can dovetail perfectly with long-term Income Protection plans to give complete peace of mind