GROUP PROTECTION

The provision of Group Protection can take various forms, which can be developed and adapted over time to ensure they continue to be viewed as an Employee Reward. Due to their direct association with risk it is important that they are reviewed at regular intervals to maintain the competitiveness of pricing and design.

The most common Group Protections provided by employers for the benefit of employees, and their dependents, are:- 

Group Life Assurance - often referred to as Death-in-Service cover and usually takes the form of a tax free lump sum benefit, equal to either a fixed lump sum or a multiple of the employee's salary, being paid to their dependents in the event of their death.

Group Income Protection – this takes the form of replacing income by providing a proportion of salary as a regular payment to an employee who is unable to return to work due to accident, injury or long term illness.

Group Critical Illness – provides for a lump sum to be payable to an employee in the event of them developing a critical illness / medical condition or undergoing one of the surgical procedures defined by the policy.

Group Personal Accident -  Personal Accident Cover provides a lump sum benefit to an employee as a result of accidental bodily injury, which results in death, dismemberment or total permanent disability. There is no limit to the number of claims that can be made, providing premiums are kept up to date.