Protect, Incentivise and Reward Your Team With Employee Benefits
Employee benefits packages can contribute to a positive culture at your company. They can also offer vital support to your team during life’s more challenging periods.
Plan partner with Caspian Insurance to offer a wide range of Employee Benefits that your business can choose from. With an extensive panel of leading insurers, cover can be tailored to match your company’s preferences. An employee benefits specialist will help guide you and provide expert independent advice.
More traditional benefits include: group life insurance, private medical insurance and dental care plans. However, many policies now also offer attractive additional benefits such as 24/7 online GP access, mental health support, nutritional consultations as well as discounted gym memberships, spa breaks and free coffees.
These extra “perks” offer a cost effective solution to attract talented recruits away from the competition.
Why Provide Employee Benefits?
Healthy Workforce
Employee benefit packages can help ensure your workforce is fit and firing. Support can be put in place that will prevent health problems from developing. When issues do arise, additional services can work to lessen their severity. So, when they’re on the job, your team will be in a better place both physically and mentally. Plus, valuable days lost to illness should decrease as a result.
Attract Talent
Ambitious firms need skilled people to help them grow. Employers face stiffer competition for talented individuals. And employees’ expectations regarding their packages have escalated in recent years. A comprehensive employee benefits offering should help your company stand out as an aspirational employer. Packages might be considerably more affordable than you expect?
Retain Your Team
Recruitment can be hugely distracting and immensely costly. Having invested in recruiting and developing a talented employee, it’s important your business retains them. The right employee benefits package should reduce your staff turnover rate. It can also generate employee engagement and help avoid “presenteeism”.
Employee benefits don’t just provide fun “perks.” If a member of your team should pass away or become too ill to work, an employee benefits policy could provide financially for them and their loved ones. Knowing they will be looked after in difficult times will reduce underlying anxiety. It’s also a very strong way of demonstrating that you’re a caring employer.
EMPLOYEE BENEFITS PLANS CAN INCLUDE
ADDITIONAL POLICY BENEFITS CAN INCLUDE
Your Insurance Solution
At Plan we partner with Caspian Insurance for our employee benefits solutions. They share our company values of honesty, expertise, integrity and a commitment to putting the customer first. They will take the time to understand your individual needs before recommending the products best suited to you.
ReviewsWho Do Plan Partner With For Employee Benefit Solutions?
At Plan we partner with Caspian Insurance for our Employee Benefit’s solution. They are experts in this specialist field. They also share our company values of honesty, expertise, integrity and a commitment to putting the customer first. They will take the time to understand your individual needs before recommending the products best suited to you.
They work with an extensive panel of leading providers, including: AIG Life, Aviva, L&G, LV, Unum, Vitality, Zurich, Bupa, AXA, PHC, Freedom, The Exeter & Cigna. You can feel confident that the product offered to you is tailored to suit your demands and needs, is of a high quality and competitively priced.
Expertise
You will be advised by a highly trained, employee benefits expert. Their in-depth knowledge will guide you through the available products. They will research the market to find the most suitable product and Insurer to fit your needs. So, you can have confidence that your employee benefit solutions will achieve the desired outcomes.
Promotion
For cover to be valued, there needs to be awareness. And, ultimately it needs to be used. After your package of covers is in place, it’s crucial to educate your team regarding their new perks. This will maximise the value of the benefits you have put in place. Plan can provide support to aid your employee communications regarding their new benefits.
Support
Employee benefit products are often called upon during very challenging and emotional life events. You can rely on our service, which is both professional and personal, to provide much needed support.
PLAN’S GUIDE TO Group Life Cover
It’s never nice to think about what might happen when you pass away. It’s important to make sure you’ve got the right protection in place for your loved ones in your absence. In some cases, you might be eligible for a death in service benefit, which could provide valuable financial support for your family.
Some employers will offer benefits to their employees as part of a package, including a death in service benefit.
Group Life Insurance is a type of employee benefit that may be provided by your employer. If it’s something your employer offers, it means the insurance provider will pay out a pre-agreed amount of money if you were to pass away whilst in employment.
It’s important to note that your passing doesn’t have to occur when you’re physically at work, or engaged in a work activity. It simply means if you are on the company’s payroll, you will have Life Insurance in place.
Death in service policies are taken out and paid for by your employer. It’s not a legal requirement for employers to offer it, so not all businesses will provide cover.
Typically the pay-out will be paid into a Master Trust, and the Trustees of the Master Trust will distribute the money. It’s important to fill out an Expression of Wish Form to guide the Trustees if you have particular requirements.
The policy is usually based on a multiple of your salary, but the amount can vary.
While death in service benefit might seem suitable at first glance, especially as you don’t pay for the policy, it’s important to make sure it is enough. In some cases, it might be beneficial to take out your own life insurance policy as well.
The cost of living, mortgage payments and other financial commitments, such as funeral costs or childcare, can quickly add up. A death in service benefit pay-out might not be enough to protect your family from it all.
Consider your personal circumstances and how much financial help your family might need. You could take out life insurance to make up the difference, if your death in service benefit is not enough.
It’s also important to note that your death in service benefit won’t directly cover your mortgage repayments. This means you can’t assign the money to be used towards your mortgage, but your family can choose to do so themselves.
If you change jobs and move to a new employer, you will lose the right to any existing death in service benefits. This is because you’re only eligible for the benefit while you’re working for that employer.
Don’t assume that your new employer will offer the same scheme, as not all companies do. Check what policies are available and what you are eligible for, as it could impact whether you need to take out any additional cover for yourself.
As a business, offering certain perks to your employees can have its benefits. By offering something like death in service, you can attract new staff to the business. This is because for many, benefits and bonuses are such an important part of the job, especially with families to look after and households to run.
You can also help to retain the right staff too, as offering this kind of benefit could be a big help for many of your employees. Death in service benefits can give your staff peace of mind, knowing that their employer cares about them and their family.
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