What are the Top Employee Insurance Benefits?

Most companies wish to offer their staff employee insurance benefits, including private health, life and critical illness insurance. These benefits are designed to help employees on getting well and worrying less about medical expenses when an accidental injury or illness occurs. In the event of death, family members are provided for with a financial tax-free lump sum payment. For employers, these types of insurance products help attract and retain employees which is vital given the high costs of recruitment. In addition, the employee can access speedy referrals and treatment should the need arise.

Group Life Insurance

Group life is a one of the best employee insurance benefits that pays a life insurance payout to the insured’s heirs or chosen beneficiaries, if they pass away whilst working for the company. The goal is to give the employees’ families financial help at a difficult time.

Group life insurance is very cost effective for both employers and employees. On most occasions, the employer will choose to pay the premiums, on the employee’s behalf, as a business expense. Some companies may ask the members to contribute a nominal amount towards the premium for their cover. Group life insurance policies are simple to qualify for with very few eligibility rules.

The three key benefits of having group life coverage through your employer are as follows:

❖ Convenience: Obtaining insurance through your employer may be relatively simple depending on the insurer with minimum paperwork required.
❖ Price: In most cases, coverage at work is free for the employee, so it’s easy to get some coverage without the employee spending any money.
❖ Acceptance: On most occasions the employee will not have to answer any medical questions or provide any personal health information, unless they exceed a certain level of cover, which is usually set at a high limit.

Group Critical Insurance

Businesses can enrol their employees into a group critical illness insurance scheme, which provides comprehensive benefits for their staff. Group critical illness insurance provides insured members with a tax-free lump sum cash payment if they are diagnosed with a specified critical illness. These may consist of:

• Coronary artery bypass grafts, strokes & multiple sclerosis
• Numerous specific cancer types (as defined within policies’ terms & conditions)
• Major organ transplants, kidney failure & heart attacks (major)

Further conditions offered by many policies as part of their ‘standard’ set of conditions and/or as optional extras may consist of:

• Liver failure
• Brain tumours
• Traumatic brain injuries and/or cardiomyopathy
• Creutzfeldt-Jakob disease
• Coma (with permanent symptoms)
• Dementia or Alzheimer’s disease
• Parkinson’s disease
• Total permanent paralysis
• Plus many other conditions

When you are diagnosed with a condition covered by the insurance, a lump sum of money is paid out directly to the employee. This pay out can be used for any purpose, including non-medical costs like paying off the mortgage or other debts, travel or additional treatment while recovering.

Group Health Insurance

There are several advantages when comparing group health insurance plans to individual ones. Many employers offer supplemental health plans that include pharmacy prescriptions, eye care, physiotherapy and dental, along with other types of coverage.

Employees with health insurance may avoid big health problems in the future if they have access to group medical insurance and preventive care. Recent innovations with some insurance products now mean that rewards are also offered to policyholders if they demonstrate regular fitness via mobile apps etc. lastly, family members and dependents can also be included in group plans at an extra cost which offers piece of mind for all of the family.

Get in Touch

For more detailed information regarding employee insurance benefits please get in touch to speak to an expert and arrange for a free, no-obligation review of your specific requirements.

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