Life Insurance
Life, Protection & Wealth Insurance
Life and health insurance are valuable benefits to provide for your employees. They are often easy and relatively cost-effective to implement and play a significant role in attracting and retaining high-quality employees.
Although it is possible to purchase life insurance for employees on an individual basis, it is more common for businesses to arrange life insurance for an entire group of employees. This is known as group life insurance and can be arranged on a standalone basis, though it is often linked to a pension arrangement.
A group life insurance scheme may include all employees who have been employed by the business for longer than a specified qualifying period, such as six months. Typically, the lump sum insured for each employee is calculated as a multiple of their wage or annual salary, usually up to a maximum of four times the annual salary.
Critical illness cover can also be arranged for employees, although it is less common and is usually combined with a life insurance arrangement. There is a wide range of additional insurance products available as employee benefits, depending on an employer’s need to remain competitive in attracting top talent. These may include:
- Private Medical Insurance – Pays for the treatment of agreed acute medical conditions.
- Income Protection – Pays a regular income to employees who are unable to work due to illness or injury.
Our insurance specialists will be more than happy to assist should you require any further information.
Individual Life Insurance is a policy paid for by one person and covers a single individual. This insurance is designed to meet the financial needs of a surviving spouse or family members in the event of the insured’s death.
Mortgage Insurance is an insurance policy that compensates lenders or investors for losses resulting from the default of a mortgage loan.
Personal Accident Insurance is an annual policy that provides compensation in the event of injury, disability, or death caused solely by violent, accidental, external, and visible events. PA insurance typically provides 24-hour worldwide coverage.
Critical Illness Insurance is a product under which the insurer pays a lump-sum benefit if the policyholder is diagnosed with one of the specified illnesses listed in the policy.
Disability Insurance pays benefits as a partial replacement of income lost due to illness or injury. Long-term disability insurance typically provides monthly income payments for as long as the insured remains disabled.
Weekly Indemnity is a short-term disability income insurance plan that pays a weekly benefit equal to a fixed amount or a percentage of the insured person’s earnings.
Family Protection is a type of life insurance designed to secure a family’s financial future in the event of the policyholder’s death. It is usually structured as level-term insurance, meaning it pays out to dependents if death occurs within a fixed policy term.
In-hospital Income
In-Hospital Income insurance provides an income benefit while the insured is hospitalized. Benefits are paid on a weekly or monthly basis and may be used to cover hospital expenses or any other personal financial needs.
Pension plan
