Death in service
Death in Service / Group Life Assurance protects your employee’s family and dependants by providing a tax free lump sum to their beneficiaries should they die whilst still in your employment. This is usually a multiple of the employee’s basic salary. The scheme would be set up under Trust and therefore will not form part of the employee’s estate.
Benefits to your business of providing Group Death in Service/ Life Assurance:
1. A simple and low cost benefit, allowing you to provide a competitive benefits package by aligning yourself or differentiating yourself from your competitors
2. Demonstrates that you are a caring employer and that you care about your employee and their family/dependants
3. Can be registered with HMRC and therefore benefit from corporation tax relief – making for a more cost effective benefit for an employer.
Group Income Protection is used to provide a replacement income if an employee is absent from work through long-term illness or injury. It not only provides financial support to employees, but also practical support to enable them to return to work.
Benefits to your business of providing Group Income Protection/ Permanent Health Insurance:
1. Covers the cost of sickness absence
2. Improved morale – by making employees feel valued and cared for
3. Can help reduce the length of sickness absence and manage the absence for you
4. Helps attract and retain employees as an essential part of a comprehensive benefits package
5. Can reduce the financial impact on a business if it loses staff to long-term sickness absence.
Private Medical Insurance
A group Private Medical Insurance (PMI) plan typically covers the cost of accessing diagnosis and treatment for eligible conditions in private hospitals or wards, with your choice of specialist.
Whether you have 3 or 500 employees, by providing Private Medical Insurance, your employees will have the reassurance and peace of mind of knowing that if they fall ill they will have access to diagnosis and treatment.
Benefits to your business of providing Private Medical Insurance can include:
1. Assisting employees in returning to work more quickly
2. Effective recruitment and retention tool to attract and retain talent
3. Improved morale – by making employees feel valued and cared for
4. Getting medical issues addressed before they get worse, leading to shorter employee absences due to illness
MN Consultancy has been researching, recommending and administrating these scheme for corporate client for over 11 years. We are able to source the correct policy to suit the companies size and needs