If you’re looking for group life insurance, group Critical Illness cover, or group income protection and you live in the Channel Islands or on the Isle of Man, we can help.
As specialists in Isle of Man life insurance and Channel Islands life insurance, we’ve helped hundreds of people who live on the UK’s smaller islands to arrange the low-cost protection they need for themselves and their family.
Now, you can access an even greater range of discounted protection through us:
- Isle of Man group life insurance (death in service)
- Channel Islands group life insurance (death in service)
- Isle of Man group income protection
- Channel Islands group income protection
- Isle of Man group Critical Illness cover
- Channel Islands group Critical Illness cover
Sometimes called “death in service” or “death in service benefit”, group life insurance enables you to provide a valuable benefit to your employees.
Read on to find out more about these new services, how you and your company can benefit, and why we’re the go-to provider of Isle of Man/Channel Islands life insurance services.
Your first choice for Channel Islands/Isle of Man group life insurance
If you’re a small or medium-sized business, you may be looking for ways to provide additional support and benefits for your valuable staff.
Group life insurance – or “death in service” benefit – can do just that.
Group life insurance is a valuable employee benefit, which can pay a tax-free lump sum or a taxable dependents’ pension for the loved ones of an employee who dies while covered by the policy.
With a broad range of policy options, death in service is one of the most important insurance products you can offer, as it eases the financial pressures on an employee’s family in the event of their death.
Your staff benefit from the peace of mind that their loved ones will receive financial support if they die while they are employed by your business.
As Isle of Man/Channel Islands group life insurance experts, we can help you to tailor the right benefits package for your business. For example, you might want to offer different levels of benefits for different types of employees, such as directors, managers, and staff.
You can also offer death in service benefit alongside other group protection policies – more of this below – to build a benefits package that really stands out.
The key benefits of an Isle of Man/Channel Islands group insurance policy are:
- Financial support for the families of your employees should the worst happen
- Ongoing emotional support for loved ones through counselling services
- Affected family members and colleagues can access bereavement counselling by qualified professionals
- The lump-sum payment doesn't usually form part of an employee’s estate, and so it should be paid free of Inheritance Tax
- The premium isn't normally classed as a “benefit in kind” meaning your employees won't pay additional taxes
- Employees may also be able to protect their spouse and partner.
Group life insurance is a valuable and cost-effective way of providing great benefits to your team.
5 reasons your Isle of Man/Channel Islands business should consider group life insurance
1.Make sure the families of your staff receive financial support
Small businesses are often like a family, so it may be important to you that your staff are protected and that their loved ones receive financial support if the worst happens.
2.Attract good quality staff
In a competitive jobs market, offering high-quality employee benefits can really make your company stand out. Including group life insurance with your package can help to attract good quality people.
3.It’s often a deductible business expense
Under the UK’s current tax laws, premiums for group life insurance normally qualify as an allowable business expense. This makes the benefit highly tax-efficient.
4.Positive effect on morale and increase staff loyalty
As well as attracting high-quality staff, offering a comprehensive employee benefit package including death in service can help increase staff loyalty. It may also boost morale as your employees appreciate the additional perks you offer.
Underwriting for group life insurance is often straightforward. Providers will frequently cover employees up to a certain level of benefit without needing to see their medical information.
Want to find out more about Channel Islands/Isle of Man group life insurance? Call our experts on 0800 334 5980 or complete the contact form on our website.
Speak to us for Isle of Man/Channel Islands group income protection
As well as ensuring your employees benefit from leaving a lump sum to their loved ones, there are other perks you can arrange.
As above, offering a comprehensive benefits package can help you to attract and retain staff. And, in the case of group income protection, it can also help you to support your colleagues and reduce absenteeism.
Group income protection provides an income to an employee if they are absent from work due to serious illness or injury.
A key benefit of group income protection is that it also provides rehabilitation support from the early stages of absence to help aid an employee's recovery as quickly and effectively as possible.
Isle of Man/Channel Islands group income protection cover varies, but benefits typically include:
- You can pay your employees a percentage of their income – normally up to 80% – if illness or injury prevents from working for a prolonged period
- Choose when income replacement will start – for example, after 8, 13, 28, 41 or 52 weeks
- Employees have access to a team of in-house rehabilitation experts
- You can save on sick pay costs and time spent managing absence
- Proactive rehabilitation services and a simple claims process help your employees focus on their health, recovery and return to work.
Many insurers have automatic acceptance limits below which won't normally require underwriting.
Protect your team with group Critical Illness cover
If you want to support your employees in the event they are diagnosed with a serious medical condition, then group Critical Illness cover could be right for you.
Group Critical Illness cover provides employees with a tax-free sum of money if they fall seriously ill and are diagnosed with a specified condition. Covering a range of illnesses from cancer and heart attack to stroke and multiple sclerosis, it is designed to provide financial support when it is most needed.
Group Critical Illness cover can also look after an employee’s family. Most policies cover children as standard, and many allow employees to add cover for a partner. It’s a valuable benefit as it relieves money worries quickly and helps your employees to feel confident about their financial future.
The payout can be used to replace income, to adapt their home, to adjust to a new way of life or to pay for childcare.
As an employer, you can also pick between a fixed benefit amount or offer a multiple of salary.
Speak to the Isle of Man/Channel Islands group life insurance experts
With years of experience helping clients in Jersey, Guernsey, and the Isle of Man, we can find the right employee protection for your business at the right price. We work with dozens of leading insurers and can offer discounted premiums tailored to your business.
Speak to us if you need:
- Isle of Man/Channel Islands “death in service” benefit (group life insurance)
- Channel Islands/Isle of Man group income protection
- Isle of Man/Channel Islands group Critical Illness cover
Get in touch to find out how we can help you. Call our experts on 0800 334 5980 or complete the contact form on our website.
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