- +353 86 245 5975
- Email Address: info@pensionplus.ie
Group Risk Benefits
What is Group Risk Cover?
Group Risk cover includes Death in Service Benefit and Disability Benefit cover and is provided by an employer to its employees. Group Risk cover is a very cost-effective way of protecting your business’ most important asset – your employees. It provides real financial benefits to both your business and its employees.
There are two main types of cover:
Death in Service Benefit
The unexpected death of an employee can have a huge financial impact on their family. Death in Service Benefit protects an employee’s family financially by paying them a lump sum and/or a pension to an employee’s dependant (spouse/ civil partner/ other dependant) if an employee should die while covered under the plan. The Death in Service Benefit plan can also provide a children’s pension.
Disability Benefit
Many people underestimate the likelihood and financial impact of being out of work because of illness or injury. Disability Benefit gives an employee financial protection by paying them a replacement income if they are unable to work due to illness or injury. In addition, the employee benefits from support and rehabilitation services to help them recover and where appropriate, return to work. From an Employer perspective the cost of providing cover can normally be written off against corporation tax and is a very effective way of providing benefits from Employees. The cost of a Group Risk plan is usually considerably cheaper than individual cover. From an Employee Perspective their form a key part of any remuneration package and is a useful recruitment and retention tool. By provides an employee with financial security by enabling a replacement income if they are unable to work due to disability arising from illness or injury.
Request Consultation Today
Contact one of our team today and request a consultation for one of the services.
