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Does your cancer cover match your requirements? Aug 07

Improved screening and an ageing population has lead to more people than ever before being diagnosed with and treated for cancer. The cost of cancer treatment is climbing steeply as there are many new and expensive cancer drugs coming onto the market. Both medical insurers and the NHS are feeling the strain and so the debate has begun as to how cancer treatment should be funded in the future.

Group Risk

Group Income Protection

The majority of employee absence is short-term yet the long-term absence makes up a third of all days lost. That is why Group Income Protection (GIP) has become a key part of any company’s employee benefit strategy.

Not only does the cover provide a company a company with benefit should an employee be incapacitated with a long-term illness or injury; insurers will also give help and support in getting the employee back to work as soon as possible.

Benefit for the Employer

The company will not need to provide full support to an ill or injured employee whilst paying for a replacement. This should enable the business to budget more accurately.
A company with Income Replacement cover is seen as a caring employer and can deal with incapacitated employees fairly and consistently.
Receive expert support on managing long-term absence and rehabilitation.
The company will be able to retain valuable employees through long periods of absence.
Receive relief from corporation tax as an allowable business expense.

Group Life

Most people need some form of life assurance and so life cover provided by an employer is a highly valued benefit. Group Life cover (also known as death in service benefit) will provide employees’ dependents with a cash lump sum in the event of that employee’s death. The sum paid is usually a multiple of salary, e.g. four times salary.

Benefit for the Employer

Improved relations with employees as the cover demonstrates a commitment to employee welfare.
Receive relief from corporation tax as an allowable business expense.
Improved staff retention and recruitment. In a competitive employment market this is probably the most important benefit.
As premiums are relatively low, Group Life Cover is a cost effective way of providing a valuable employee benefit.

At Becketts we will search the market to find you the best possible terms in line with your requirements. Year round both you and your staff will be supported by our dedicated team who have excellent contacts and many years experience.

Premiums have come down significantly in recent years and with recent changes in legislation it is well worth reviewing these arrangements.

We are authorised and regulated by the Financial Services Authority. For further details please visit our regulatory page

The Beckett Investment Management Group

Dettingen House, Dettingen Way, Bury St Edmunds, IP33 3TU
Tel: 01284 754500 | Fax No: 01284 773701

8 Nursery Court, Kibworth Business Park, Harborough Rd, Kibworth, Leicestershire, LE8 0EX
Tel: 01162 756181 | Fax No: 01162 494435