Protecting a company’s most important asset…

Employers are increasingly becoming aware that the future of any business depends upon the calibre and commitment of its staff. In today’s employment market, it is no longer enough to simply offer the right salary. Successful companies attract and retain quality employees by offering a complete and comprehensive employee benefits package, as part of their remuneration, including a company pension scheme and insurance cover.

Group insurance schemes are one way to encourage a strong working relationship between employer and employee. Ensuring that employees and their families are well protected in the unfortunate event of illness, accident or death demonstrates a duty of care and is viewed by many as being a mark of a good employer. This can benefit the employer as well as the employee. Where an illness or accident occurs, a group insurance scheme may cover the expense of rehabilitation, both helping the employee back into the workplace and also ensuring that the investment in an employee’s training and experience is not lost to the business.

To attract and protect the most important assets of any business, it makes sense to offer life, income protection and critical illness insurance as part of a total employee benefits package.

Meeting a company’s needs…

With substantial experience in dealing with corporate clients, Canada Life understands that flexibility and competitive pricing are both key requirements within the Group Insurance sector, and has therefore carefully designed its range of products to reflect these needs.

Flexible products

Each one of Canada Life's core products can be tailored to meet the needs of each customer. Employers can decide when and for how long benefits can be paid, who will benefit from the cover, how much an employee can receive and which additional options to include.

Competitive pricing

The ability to tailor the product to the customer based upon an accurate risk assessment also means that we provide great value for money. Competitive pricing structures can accommodate any size of scheme and as each scheme is unique, a comprehensive quotation is available to enable our clients to cost each option they require.

The cost of cover

The cost of providing group insurance cover will vary according to the amount of benefit provided, the age and gender spread of employees, and their occupations and geographical locations.

The following examples are provided to help you consider the high-level costing issues:

Group Life Assurance
For a benefit of 4x salary a scheme will typically cost you around 1%* of your payroll.

Group Death in service Spouses Pension
To provide a spouses' income benefit of 50% of the employee's prospective pension (about 1/3rd of salary) - you can expect to pay between 1½% to 2%* of your annual salary bill.

Group Income Protection
For a cost of 1% to 1½%* of payroll you could provide a benefit of 2/3rds salary. (The occupations of your workforce have a significant influence on the actual cost of providing benefits.)

Group Critical Illness
For about £50* a year for each employee you could provide a cash sum of £25,000 for those who suffer a critical illness.

Companies interested in setting up a scheme should refer to a financial adviser for assistance.

* Canada life internal data as at 1.4.2007.