Shire Health & Wellbeing Insights

Are you protected?

September 21, 2020

Are you protected?

During the current climate of uncertainty, it has been highlighted that now more than ever companies need to protect and invest in both the health and wellbeing of their employees. So, we are asking you the question:  How protected are you? 

69% of employees believe that having healthcare benefits show an employer to be caring*. With people facing a wide array of trials and tribulations from stress and anxiety to critical illness, it is paramount that employers present themselves to be compassionate in order to nurture and develop the working relationships that are so essential to a companies productivity and success.


Would you be financially able to provide support to a family on an employee’s death in service?

Although unlikely, death in the workplace does occur and it is critical that your company would be able to do the right thing if it was to happen to you. Life Insurance is seen as a core employee benefit and is highly valued by employees***. You should be considering how you would deal with this scenario and whether you would be able to provide sufficient financial support to your employees. If not then you should be considering Group Life Insurance. 

With Group Life Insurance in place, the benefits to you as an employer are significant, for example; the policy premium rates represent a low percentage of your payroll, the policy premiums are usually considered as a business expense thereby reducing the net cost to you through corporation tax relief, medical evidence is often not required to implement the scheme as there is a Free Cover Limit. The financial support this offers is invaluable to employees meaning it can play a large role in both attracting and retaining staff. 

There are also many benefits to the employee as indicated by this policy’s high importance rating***. Any lump sum benefit is normally payable outside their estate and is free from inheritance tax liability, cover can be continued up to a certain period when an employee is absent from work and they can also receive up to the Free Cover Limit with no medical evidence required.


Can you afford sick pay for employees over a prolonged period?

Having Income Protection allows you to protect your team and your business by having a proportion of your employee’s salary covered in the event of long term illness or injury, thus, giving all parties peace of mind during a challenging period. 

The benefits of having Group Income Protection to you as an employer are that you can provide financial assistance at a reasonable cost and better manage the cost of sickness & absenteeism. The premiums of this policy include tax relief on contributions. There may also be the opportunity for your staff to benefit from rehabilitation services. The obvious advantage to the employee is the guaranteed financial support and reassurance from you as their employer. 


Do you know how common it is for employees to fall critically ill?

The top two medical cost drivers within a business are cancer and cardiovascular diseases both of which are considered a critical illness*, with 90,000 people of working age alone being diagnosed with cancer every year**. Group Critical Illness Insurance ensures financial and emotional support should someone be diagnosed with a critical illness or become in need of an operation that will result in a long period of absence from work. A tax-free lump sum benefit is provided to the employee to cover medical costs and to supplement the income lost through inability to work. If the employee lost is a key person in the company then Key Man Insurance also helps to cover the cost of training and replacement staff. 


Get in touch to find out how Shire Health & Wellbeing can help protect you and your business. 

** (
*** (AIG Life Group Protection research, 2018)
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