Life insurance and personal accident
Life and health insurance are valuable benefits to provide to your employees. It can often be easy and relatively affordable to provide, and plays a major role in helping you attract and retain good quality employees.
It is possible to buy life insurance for employees individually, but more commonly businesses take out life insurance for a whole group of employees. This is called group life insurance and can be arranged alone, through it is also often found linked to a pension arrangement. A group life insurance scheme might include all employees who have been working in the business longer than a certain period, such as six months.
Usually, the lump sum insured for each employee is a multiple of their wage or annual salary, subject to a maximum of four times annual salary. It is also possible to buy critical illness cover for your employees.
There is a range of other types of insurance that one company can offer to its employees such as:
- private medical insurance - pays for the treatment of agreed acute conditions
- income protection - pays regular income to employees who are unable to work because of illness or injury
Our Insurance Specialists will be more than happy to assist you should you require any assistance.