group schemes
what is a group scheme?
Whilst roughly 95% of the nation’s SMEs have fewer than 10 staff, there are a small number that break through this barrier. If your business falls into the latter category, a group scheme may be for you.
Group schemes are insurance policies for staff that provide cover and benefits to the individual or their family should the worst happen. The most common types of cover are Group Life, Group Critical Illness Cover, Group Income Protection and Group Private Medical Insurance. Group schemes can be a great option for businesses looking to attract and retain the best staff.
What’s more is that taking a large enough group of people to an insurer can mean that medical underwriting is minimised as the risk is spread.
group life
Group Life can help give employees and their families the peace of mind that a lump sum will be provided tax-free should the worst happen. Many insurers also offer additional benefits such as bereavement support and employee support services.
group critical illness cover
Group CIC can help to support employees and their loved ones through some of the darkest times after a critical illness diagnosis. Providing a tax-free lump sum should they or their partner/child (if selected), suffer a critical illness diagnosis, Group CIC provides the employee with a financial safety net and options for their future. Like Group Life, many insurers offer additional benefits to help the member get back on their feet.
group income protection
Group IP helps minimise sickness absence by providing employees with the support to get back to work, alongside the financial support to maintain their lifestyles, whilst unable to work due to illness or injury. Early intervention when a staff member becomes unwell or injured can make all the difference, so most insurers offer additional benefits, such as mental health support and physiotherapy among other added benefits.
group private medical insurance
Group PMI is probably the most accessible benefit you can provide your staff with. Providing your staff with financial support when they are not feeling right is invaluable. Private Medical Insurance can provide the funds to cover consultation fees, medical investigations, and therapies to get them back on track faster than if they joined the back of the NHS queue. Like the other group schemes, Group Private Medical Insurance is often offered with value added benefits for the employee.
