Group life assurance schemes
The Group Life Assurance Plan provides an employee's family with either a tax free lump sum, or dependants' pension, or both, in the event of the employee's death.
In an increasingly competitive business world, it can be a valuable addition to an employee benefits package, which is useful in attracting and retaining loyal employees.
Employers can tailor the benefits to suit their company and their budget.
To obtain favourable tax treatment Group Life arrangements should be set up under Trust and approved by the Inland Revenue.
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Group lncome Protection schemes
The business problems associated with managing the consequences of an employee's long-term incapacity are often underestimated. Such cases are often very complex, require sensitive handling and consume much HR and senior management time.
The financial consequences are very serious for the employee and their family and often for the business. State benefits payable on incapacity have been steadily reduced and provide only a subsistence level of support for the most seriously disabled.
Group Income Protection insurance (also known as Long Term Disability insurance or Group Permanent Health insurance) provides a replacement income for employees during long term absence from work through illness or injury.
This income can be paid until retirement and helps the employee maintain a higher level of income than they would receive on State Benefit alone. Group Income Protection does not pay a lump sum benefit.
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