About Us | Financial Links | Contact Us | Site Map You are in pfc > Employee Benefits Income Protection (PHI) Group Life Assurance Private Medical Insurance Employee Benefits For most employers the loss of an employee through death or long term illness can cause a financial drain for both the company and the employee’s family. One means of elevating this hardship is through the provision of occupational protection arrangements such as Group Life Assurance, Income Protection, Critical Illness Cover and Private Medical Insurance. At PFC we are happy to construct a bespoke protection plan to meet the employer’s budget and the needs of your employees. Income Protection (PHI) An employer sponsored Income Protection Scheme will enable an employer to maintain an employee on his payroll during prolonged periods of absence without being a drain on resources. The insurer will pay an income payment to the employer who in turn will pay the benefit to employee less the normal tax and national insurance deductions. It is also possible to insure employer pension contributions. The benefit basis can be tailored to the needs of the employees and the company’s budget. Group Life Assurance Under an approved Group Life Assurance Scheme, it is possible to provide death benefits of a lump sum of four times salary and a dependant’s pension of 4/9ths of salary on death in service. In addition the change in legislation as a result of the Finance Act 2004 will enable employers to provide lump sum death before retirement benefits of up to the Single Lifetime Allowance. As Group Life Assurance Schemes are rate driven, it is important to review the scheme periodically to ensure that the premium quoted by the insurer is competitive. Private Medical Insurance For most employers one of the biggest business risks is that a key employee will be absent from work long term due to illness or injury. In most cases, it may be possible for the employee to return to work after medical treatment however their absence is prolonged due to delays in getting the necessary treatment on the NHS. One means of reducing this absence is through the provision of an Employer Sponsored Private Medical Insurance Scheme which will allow the employee to return to work quickly. For more information on Private Medical Insurance arrangements please contact us on info@pfc.co.uk