Advertorial
The loss of income could be devastating to the loved ones that are left behind.
Utility bills, council tax, car loans, school/childcare/university fees, loans/credit cards and day to day living costs are just some of the financial burdens families would have to deal with without the contribution of a household earner.
These bills continue even after a mortgage is paid off, and for people renting, could the roof over loved one’s heads be at threat?
Plan Now
No one wants to think about death but business decision makers will no doubt want to leave their loved ones with more than memories.
With planning they can achieve peace of mind and clarity for them should the worse happen.
Without planning it will be ‘pot luck’.
Group Life Assurance is a valuable employee benefit that businesses can inexpensively provide for their workforce. It pays out a lump sum payment to employees’ family or next of kin, should they die whilst employed, helping relieve the money worries at a very difficult time.
Benefits for businesses
But what advantages will the business receive as this will be a corporate spend?
When we surveyed 2,500 businesses, a range of reasons were given as to why it was thought to be a good idea to provide this cover for their employees.
* 33 per cent of businesses said it was an attractive benefit for employees.
* 24 per cent offer this benefit to protect or support their employees.
* 20 per cent say it fits with their caring company culture.
* 18 per cent use Group Life Assurance as a recruitment or retention tool.
Misconceptions
A large percentage of employers admit to not knowing much about Group Life Assurance and many think it would be costly and take time to implement.
Neither of these perceptions are correct and, more importantly, the value it offers can be easily missed.
Perceptions can be deceiving, so we want to help you look again at Group Life Assurance for your corporate clients and the potential misconceptions they may have.
Misconception 1
It’s too expensive. 42 per cent of businesses said that they can’t afford Group Life Assurance.
Around nine in ten (91%) of employers thought that group life would cost more than 1% of salaries, with 9% assuming the cost would be more than 5% of salaries.
Benefits can start at 0.1% of salary depending on the scheme design and workforce make up.
You can cover all employees including yourself for as little as £4 a month with our Simply Class Group Life Assurance and cover is usually allowable as a business expense against corporation tax reducing costs further.
Misconception 2
It’s too much hassle. 21% of employer’s said they don’t have the time or resource to administer this benefit for their business.
We’ve made it simple for you and the employer. Our Simply Class Group Life Assurance is a new streamlined product we recently introduced to the market.
There is no medical underwriting so there is no need to inform us of your employees’ medical history.
Employees can be enrolled into our free Master Trust which manages the claim payment so you don’t have to, and this also means benefits are paid tax free to beneficiaries.
Misconception 3
Employees won’t value this. 17% of employer’s believe that employees won’t understand or value it.
But 78% of employees with Group life Assurance say they feel more valued by their employer.
Canada Life can help you effectively communicate employee benefits with supporting materials and online videos.
Don’t let the lack of a well rounded benefits package be the difference between your clients and a competitor in the war for talent. With pensions automatic enrolment all employers will soon be offering a pension and so Group Life Assurance is the next benefit employers should be considering if they want to gain and retain staff.
Employee Engagement
With the average person spending over 90,0007 hours at work over a lifetime, it’s important to keep teams motivated.
An unhappy employee is bad for team morale and bad for buisness.
Having a clearly communicated employee benefits package in place can significantly increase staff engagement and improve productivity at the workplace.
However, 65% of employers who have invested significantly in employee benefits for their staff are failing to communicate this, lessening the impact of their investment.
How to communicate employee benefits – with support from us
* Company Emails & Intranet –Canada Life can support organisations with information to send out via email such as FAQs on their benefit.
* Company Presentations – Canada Life can provide informative videos about specific employee benefits.
* Team Meetings – Canada Life can provide employers with a range of employee materials to help inform employees about their benefits package.
* Office Notice Boards – Canada Life can provide posters to put up around the office about your benefits package.
Also it is important to think about opportunities to talk to your clients about their benefits package e.g. during their recruitment, performance reviews/1:1s and staff conferences.
Investing in Group Life Assurance cover for your client’s employees not only provides peace of mind for their employees but helps promote a happy workplace.
