So you want to be a caring employer?
Give your workforce security with a Group Life Assurance policy. In our near full-employment economy both recruitment and retention of staff has become an increasingly important factor over the past few years for all businesses at all levels of staff. The supporting package in addition to the basic salary and hours has become core in employment terms. A Group Life Assurance policy helps your business to be seen as a caring employer – an important consideration with many workers when considering who they should be working for.
A survey by Canada Life in 2014 revealed that 77% of employers offer Group Life Cover as a core benefit and that 78% of employees value the benefit. It could well be that for employees above the age of 30 it would be valued by an even larger percentage.
What does Group Life Cover provide?
A Group Life Policy will normally cover all your employees, regardless of their medical record. The norm is to provide a significant lump sum payment on death to help protect the families of the deceased. The payment is usually tax free and exempt from Inheritance Tax. It can be paid out within 5 days which relieves a huge amount of worry and stress from an already difficult time. There is no waiting for probate.
Simple to operate for you as an employer
The schemes are simple to operate and very cost effective. The term ‘Group’ should not lead you to think that this is not for your size of business. A policy can be used to cover as few as two employees and the cost is likely to be less than 1% of your total pay bill.
There is more that can be done
Life Assurance is now likely to be seen as a base core offering. Increasingly Income Protection and Critical Illness Cover are also being seen as part of the caring employers offering.
Albert Goodman will help you
At Albert Goodman, we have many years of experience in providing protection for employers and their employees across the West County. In Steve Workman, we have an experienced specialist in this field. We will identify and discuss your possible needs with you and get free quotations from the most suitable insurance providers. We can then help you oversee the introduction of the policy and provide ongoing support. Our vision is to be the firm that contributes most to our clients’ success.
For more information on Group Business Protection please contact Steve Workman 01823 286096 Steve.firstname.lastname@example.org
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