Group Risk

Group Life Insurance

Offering to cover your employees against death is a key benefit and helps to attract and retain good calibre employees. Life policies can vary from provider to provider but there are three main categories that a corporate body should consider.

Death in Service

This cover provides a lump sum benefit (or income benefit) for the employee’s family (or nominated beneficiary) in the event of his/her death. Levels of cover an employer can choose vary but often they are set at a multiple of an employee’s salary. As a trading expense it is a tax efficient way of offering benefits for reasonably low costs.

Shareholder Protection/Partnership Protection

These arrangements promote financial security, business stability and continuity in the event of the loss of a principal shareholder or business partner. This is particularly important for private limited companies or small to medium sized partnerships where only a handful of principals are shareholders/partners. In the event of a shareholder/partner’s death shares may go to the deceased family who may have little or no interest in the business and would prefer a cash sum. The business (or other shareholders/partners) are likely to wish to retain control by buying the shares but may not have the resources to do so. Shareholder /Partnership protection enables the business to set up a fair agreement between the beneficiary and the surviving shareholders that suits both parties.

Key Man Assurance

This cover is designed to insure against the death or disablement of a key member of personnel without whom the company would suffer financial loss. Often companies will insure their physical assets against loss but often overlook to impact the loss of a key individual will have on the company. If this key person dies then the company receives the proceeds as the beneficiary of the insurance policy.

 

Group Critical Illness

This is designed to provide financial security to an employee if they are diagnosed with a critical illness. Each provider will offer cover on a core list of illnesses and will pay a lump sum to the employee on a confirmed diagnosis of the illness.

 

Group Private Medical Insurance

Voted time and time again as the most attractive group benefit available to a workforce, Private Medical and Dental Insurance have become increasingly competitive markets. This product provides comprehensive private medical care for the employee.

Private Medical Insurance

A simple insurance where the insurer will pay towards or for (depending on treatment and level of cover) medical expenses incurred during the process of diagnosis and treatment/surgery as agreed to by the insurer’s terms and conditions and areas the policy covers. Group cover can be extended to all or a handful of employees. Such cover further benefits the employer by enabling a faster potential return to work than may have been the case if an employee was reliant upon the NHS.

Group Dental Insurance

Often Private Medical Insurance will not cover a dental program. Group Dental Cover can be issued as an add-on to existing medical cover or as a completely independent insurance. Surprisingly, Group Dental Insurance is often overlooked, especially when considering its’ value for money.

 

Group Income Protection Insurance

Group Permanent Health Insurance

This protection is designed to cover a proportion of the employee’s salary should illness or accidental injury prevent eligible employees from working. Benefits upon claim are paid to the employer, thus providing them with the means to continue paying the relevant employee and avoiding the inevitable moral issues that would arise when contemplating ceasing an employees pay when they are at their most vulnerable.

MacRobins Ltd is an appointed representative of Hoyl Independent Advisers Ltd which is authorised and regulated by the Financial Conduct Authority.

The contents of this website are for information purposes only, we recommend that you take advice from an Independent Financial Adviser before transacting any business.

MacRobins Limited

40 Great Portland Street, London, W1W 7ND

Tel: 020 3846 8505

Fax: 08456 300 750

Email: info@macrobins.co.uk

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