Group protection services

Employers are under pressure to support employee wellbeing

As UK employers compete to recruit and retain the best people, they find themselves under yet another pressure. Employee benefits that deliver wellbeing services in the workplace have rapidly become an expectation.

How group protection helps employers

Group protection policies – including life assurance, income protection and critical illness cover – are growing in popularity among employers. Every year, insurers are covering significant numbers of employees for the first time. Each group protection policy delivers a highly valued benefit, giving financial protection to employees.

On top of this financial protection, insurers provide complimentary wellbeing services allowing employers to extend these services to their employees. They often include access to a digital GP, a second medical opinion and mental health support.

First Actuarial offers consulting, broking and administrative services in relation to:

  • Life assurance – Provides a tax-free lump sum payment if an employee dies
  • Income protection – Pays employees an income while they recover from a long-term illness or injury
  • Critical illness protection – Gives employees a tax-free lump sum payment when they’re diagnosed with a specified critical illness or condition.

Life assurance

Around 8.5 million people over the age of 18 have no life assurance in place, according to the Reward & Employee Benefits Association.

Group life assurance provides a tax-free lump sum payment when an employee dies. This gives employees peace of mind, with much-needed financial support for surviving loved ones.

Show your commitment to wellbeing

Group life assurance protects employees from anxieties about their dependants’ financial prospects after their death. And complimentary services – including bereavement counselling and probate support.

Deliver a cost-effective win-win

Group life assurance is an impactful but affordable employee benefit, which is increasingly expected as standard. Group cover is typically cheaper per person than individual policies due to the larger pool of insured lives, and the premium is tax-deductible.

Improve recruitment and retention

Group life assurance is a valued benefit which helps attract prospective employees. And by demonstrating your duty of care, you will strengthen loyalty across your workforce. Reward and benefit schemes that go beyond pay are more appreciated than ever.

Find out more about group life assurance

Discuss your needs with our experienced group protection consultants.

Income protection

Sickness absence is rising at its highest rate since 2004. The cost to UK employers runs into £billions. And employees worry that their sick pay may end before they’re well enough to return to work.

Group income protection pays employees an income while they recover from a long-term illness or serious injury. Employers can fulfil their duty of care while protecting their bottom line.

Show your commitment to wellbeing

Employees get peace of mind knowing their income is protected. Employers can also offer any of the wellbeing services included in the policy at no extra cost. Many see productivity gains as a result.

Deliver a cost-effective win-win

Group income protection delivers cost savings and eases the burden on HR with rehabilitation services that promote recovery and return to work. And the premiums are tax-deductible.

Improve recruitment and retention

Reward and benefit schemes that go beyond pay are more valued than ever. With a meaningful benefits package, you’ll impress the talent out there and build loyalty across your workforce.

Find out more about group income protection

Discuss your needs with our experienced group protection consultants.

Critical illness

Two in five households have less than £2,000 in savings. Along comes a serious illness like cancer, and there’s no money to fall back on.

Critical illness protection is the helping hand you can give when an employee is diagnosed with a specified critical illness or condition. The tax-free lump sum your employee receives is designed to ease any financial anxieties so they can focus on treatment and recovery.

Show your commitment to wellbeing

Many of us worry about the financial impact of a critical illness. Protecting your employees against that risk will go a long way to foster feelings of security in the workplace.

Deliver a cost-effective win-win

Group critical illness protection will give your employees financial support when they need it most. It’s typically cheaper per person than individual policies, and the premium is tax-deductible.

Improve recruitment and retention

Critical illness protection is a valued benefit that helps attract prospective employees and strengthen loyalty in your existing workforce. Reward and benefit schemes that go beyond pay are more appreciated than ever.

Find out more about group critical illness

Discuss your needs with our experienced group protection consultants.

About First Actuarial’s group protection services

Our group protection specialists are here to help you decide which group protection benefits are suitable for your business and its employees. We’ll then guide you through the insurer selection process and beyond.

As trusted providers, we’ll use our market knowledge to design benefits around your business needs and we’ll negotiate the best terms available. We’ll advise you on changes to legislation as they arise. And we’ll monitor your cover as business needs change.

Step 1 – We’ll get to know you and your business

What direction are you taking your employee wellbeing strategy? To understand your business and what you’re trying to achieve, we’ll sit down with you and listen.

Step 2 – We’ll go out to market and assess what’s available

Having set out your requirements, our group protection specialists will go out to the market to identify options. They’ll use their expertise to match your requirements with suitable policies.

Step 3 – We’ll explain the most suitable options

We’ll take you through the policies that we think are a good fit, and we’ll make recommendations. Group protection policies offer a range of features. We can tailor provision to your employee profile and business needs.

Step 4 – We’ll help you set up your group policy

We’ll work together to set up your policy. When a claim arises, we’ll support you through the claim process. Once the claim is approved, the employee will receive the benefit from the insurer as a tax-free lump sum.

Step 5 – We’ll give you ongoing support

We’ll provide all the support you need throughout the year. We can manage your annual renewals and biennial market reviews. And we’ll continue to listen, so your policy remains fit for purpose as your business changes and grows.

Why First Actuarial?

Our specialist team offers seven decades’ experience of group protection. We have in-depth knowledge of pensions and employee benefits. And we work closely with First Actuarial’s financial wellbeing specialists.

We take the pain out of group protection, saving you time and money, and protecting you from the risk of non-compliance.

We’ll use our market expertise and knowledge to give you the best possible value for money. With agreements in place with all the major group protection insurers, you get full-market choice. And we are transparent with fees – we will only charge time cost for out-of-scope work.

One of the biggest difficulties for employers with employee benefits is having to work with more than one provider. First Actuarial gives you the convenience of a single point of contact, coordinating your group protection cover on your behalf.

We’ll keep you updated on the latest employee benefit trends, and keep an expert eye on your group protection policies. For employers with HR resource challenges, we can effectively become an outsourced employee benefits team supporting the employer.

We take the time to build long-term relationships with our clients, getting to know their business and its needs. And like all other areas of First Actuarial, we don’t sell anything that our clients don’t need.

Get in touch

Get in touch to find out more about our group protection services.

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