What employee benefits should you offer to bring employees financial peace of mind?
It’s normal to care about your financial security.
But when that normal concern develops into full-blown anxiety, the stress can impact every area of your life.
This anxiety can have a direct, negative impact on your performance in the workplace. Employees who are worried about money will find themselves distracted, lacking in creativity, and significantly less productive overall.
It’s no wonder that recent research suggests financial stress is costing employers an estimated £15.2bn every year in higher turnover, lost productivity and increased absence.
Today families need to be prudent with every penny, and employers can play a huge role in bringing peace of mind.
Here we suggest three cost-effective solutions that could radically improve your employees’ financial wellbeing, ensuring that nothing is hindering them from being engaged and effective at work.
Group Life Insurance
Group life insurance is an affordable and versatile way to provide financial protection for employees and their families. It may be possible to add family members to the cover .of life insurance provides a lump sum upon the death of an employee or a family member if they are covered by the policy.
Assured that their family members will be looked after should they unexpectedly pass away, employees are free to engage fully with their work. This assures productivity is kept as high as possible.
There are three main benefits to our Group Life Insurance:
1. Affordable
The primary benefit of our policy is that it is much more affordable than individual policies because it is purchased in bulk for many people at once.
2. Time-effective
Its affordability also makes the scheme time effective. It requires less paperwork since there’s no need to fill out individual applications or medical exams for each person.
3. Flexible
With this scheme, your employees can allow their beneficiaries to choose how the life insurance funds are spent. The death benefit can be used to pay for funeral expenses, outstanding debts, or do anything else necessary for their family. This personalisation increases how effective the benefit is in reducing financial stress, as staff know the policy can cover the particular problem their beneficiaries will face.
Find out more about Group Life Insurance here
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Group Critical Illness
This next solution will give your employees a lump sum in the event that they fall sick with a severe illness. Our Group Critical Illness Cover will pay out up to £500,000 or five times an individual’s annual salary.
This solution will allow your workers to focus on their recuperation rather than being worried about paying off significant bills during that time. This will help them get back to work as quickly as possible, reducing sick leave and ensuring your business enjoys your employee’s contribution once again.
This scheme is:
1. Affordable
The central advantage of our Group Critical Illness policy is its lower cost than typical insurance since individuals obtain it in a group, allowing us to spread the cost amongst the whole team.
2. Flexible
Also, this policy can be used for any purpose, including to gain respite at a hospital for a procedure or even to cover private medical treatment. It also covers any acute, unexpected medical emergency, such as a heart attack, a stroke, or cancer, and can later be expanded to encompass any other accidents or conditions.
Find out more about Group Critical Illness
Group Income Protection
Finally, we reach the last of our solutions within this Group Risk collection. Group Income Protection allows your employees to collect income if they're sick or injured and unable to work for a period of time.
Providing a guarantee that they will always get up to 80% of their income will give them the assurance they need to work unhindered from financial concerns. This will ensure they recover as quickly as possible and get them back to work as soon as possible.
1. Affordable
As with all our other Group Risk policies, this scheme is more cost-effective than buying individual Income Protection policies for your staff as you are sharing the cost amongst a group of people.
2. Flexible
In addition, the scheme can be expanded to include National Insurance and Pension contributions, meaning staff do not have to worry about suffering a financial impact later on in life.
Find out more about Group Income Protection
Group Risk: Affordable, flexible solutions
In conclusion, these policies are valuable offerings that can be tailored to individual workplace needs. These plans offer flexibility and are cost-effective, providing employees with the financial security they need to plan for their future. Ultimately, these employee benefits should be an essential part of any company’s long-term strategy for success.
