Employee Benefits – Small Group Life Schemes

When it comes to running a business, most managers and proprietors would agree that the key to success is finding and holding on to great people, and that it’s essential to demonstrate loyalty, commitment and encouragement to staff, for a company to thrive.

This can be done in a number of ways, but an important element is to ensure that there are quality employee benefits in place such as pension, life cover and private medical schemes.

Alison Etchells, director at Belmont International explains: “When a company invests in its employees they know that they are valued and supported, and the company reaps the rewards of their increased confidence and reliability.”

Companies can often find it difficult to find the right benefit schemes to suit their individual business and budget, and to give their employees the best rewards possible.

Alison continues: “Businesses and staff are so individual that ‘off-the-shelf’ or ‘one-fits-all’ group life policies may not suit everyone and different members of staff may need varying levels of cover depending upon, for example, their position in a company.

“A major issue for many businesses when setting up a life scheme is the restrictions that can be applied to some staff due to existing medical conditions, which can mean that what was intended to be a company wide benefit is not available to some at all.”

Belmont International is able to provide group protection policies for any sized SME, with policies specifically developed and implemented to meet a business’ own budget. Larger schemes will generally benefit from higher free cover (the level of cover provided without medical underwriting), but Belmont’s special facility and commitment to write schemes for a minimum of three employees means that both small and large businesses are able to offer life cover to their staff. Members who may have pre-existing medical conditions can therefore also benefit and be covered.

“If, sadly, a colleague dies,” says Alison, “it’s invaluable to be able to offer financial support to their family and dependants to meet both immediate costs, and offer future financial security.”

Key Benefits of a group life scheme:

• Company paid premiums are a deductible business expense
• No medical underwriting for up to £425,000 cover per staff member.
• Staff peace of mind
• Quick pay outs
• Payment usually exempt from inheritance tax
• Flexibility - different categories of staff receiving different benefit levels
• Hassle-free - HM Revenue and Customs documents handled by Belmont, allowing cover to be arranged quickly and easily

Belmont International can also offer group income protection, group critical illness cover, key man cover, group private medical insurance and dental cover.