Death in Service / Group Life Insurance

Death in Service insurance, also known as Group Life Insurance, provides a lump sum payment to an employee’s beneficiaries in the event of their death while employed.

Eligibility typically depends on the employer’s policy. In most cases, full-time employees are covered, but specific eligibility criteria may vary.

Coverage amounts vary depending on the employer’s policy. Typically, it’s a multiple of the employee’s salary, which can go up to 10 times their annual salary.

Death in Service benefits are usually paid tax-free to the beneficiaries.

Yes, employees can typically nominate their beneficiaries, but they should ensure that the nominations are kept up to date.

Group Critical Illness

Group Critical Illness insurance provides a lump sum payment if an employee is diagnosed with a specified critical illness covered by the policy.

Covered illnesses may include cancer, heart attack, stroke, organ failure, and other serious conditions specified in the policy.

No, Group Critical Illness insurance provides a lump sum payment upon diagnosis of a critical illness, whereas Health Insurance covers medical expenses.

Depending on the policy, employees may be able to make multiple claims for different critical illnesses, provided they meet the policy’s criteria.

Group Critical Illness insurance is typically not portable, meaning coverage ends when the employee leaves the company unless otherwise stated in the policy.

Group Income Protection

Group Income Protection, also known as Group Income Replacement or Salary Continuance Insurance, provides employees with a replacement income if they are unable to work due to illness or injury.

Group Income Protection usually provides a higher level of income replacement for a longer period compared to Statutory Sick Pay, which is a legal minimum paid by the employer for up to 28 weeks.

The waiting period, also known as the deferred period, varies depending on the policy and can range from a few weeks to several months.

Yes, Group Income Protection benefits are typically taxable as regular income.

Employers usually determine the level of coverage for Group Income Protection based on factors such as salary and length of service. Employees may have options to adjust coverage within the limits set by the employer and insurer.

Group Dental Insurance

Group Dental Insurance provides dental coverage to employees and their dependents, covering routine check-ups, cleanings, and other dental treatments.

Coverage varies but usually includes preventive care (e.g., cleanings, exams), basic procedures (e.g., fillings, extractions), and major procedures (e.g., root canals, crowns).

Orthodontic coverage may vary among plans. Some plans offer coverage for orthodontic treatments such as braces or Invisalign for both adults and children.

Many Group Dental Insurance plans have a network of dentists, but some plans allow members to visit any licensed dentist. Visiting an in-network dentist typically results in lower out-of-pocket costs.

Waiting periods may apply for certain procedures like orthodontic treatments or major dental work. It’s essential to review the policy details for specific waiting period information.

Group Private Medical Insurance

Group Private Medical Insurance offers employees access to private healthcare services, including consultations, diagnostics, treatments, and surgeries, typically bypassing NHS waiting lists.

Coverage varies but commonly includes hospital stays, surgeries, specialist consultations, diagnostic tests (e.g., MRI, CT scans), cancer treatments, and mental health support.

Many Group Private Medical Insurance plans offer a choice of hospitals and specialists within their network. Some plans may also provide options for accessing healthcare outside the network with higher out-of-pocket costs.

Coverage for pre-existing conditions may vary among plans. Some plans exclude pre-existing conditions, while others may provide coverage after a waiting period or with certain restrictions.

Group Private Medical Insurance is typically not portable, meaning coverage ends when the employee leaves the company unless they choose to continue coverage through a private plan or COBRA (Consolidated Omnibus Budget Reconciliation Act) in some jurisdictions.

Key Man Insurance

Key Man Insurance, also known as Key Person Insurance, provides financial protection to a business against the loss of a key employee due to death, disability, or critical illness.

A key person is typically an individual whose skills, knowledge, experience, or leadership are critical to the success and profitability of the business. This could include business owners, founders, top executives, or key employees with specialised expertise.

Key Man Insurance provides financial protection to help cover costs associated with finding and training a replacement, compensating for lost profits, repaying debts, or reassuring stakeholders and investors.

The coverage amount for Key Man Insurance is usually based on factors such as the key person’s
role, salary, contribution to profits, and the potential financial impact of their absence on the business.

Yes, Key Man Insurance can be structured to fund buy-sell agreements between business owners or to secure business loans by providing a source of funds in the event of the key person’s death or disability.

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