Financial Services For Business & Charities

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Salary is important but have you thought about providing your staff with one or more of the various Employee Benefits that are available to attract, retain and motivate your employees?

Death-in-Service (Group Life)
Group Death-in-Service (otherwise known as Group Life) forms the life insurance portion of an employee benefits package.  It enables employers to provide generous support for the dependants of a deceased employee.  As well as encouraging staff loyalty and demonstrating a genuine care for staff welfare, Group Life insurance goes some way to reassuring employees that their efforts in the workplace really count.  The cost of providing these benefits is dependent upon a number of factors including the age profile of the workforce, type of organisation, occupations, geographic location, past claims experience and the level of benefit to be provided, which can be up to four times salary.

If you are looking to set up a Group Death-in-Service scheme for your organisation, please contact us for further information and advice.

Income Protection (Group Permanent Health)
Group Income Protection (otherwise known as Group Permanent Health) is a benefit which is designed to allow part of an individual’s salary to continue in the event of them becoming unable to work due to a long-term illness or injury.

A waiting period of 4, 12, 26, 52 or 104 weeks can be chosen before the benefit is paid. The waiting period will normally tie in with an employee contract of employment as this confirms the length of time they receive full pay for.  The longer the waiting period, the lower the premium for the cover.

The benefit would continue until the individual returned to work or reaches retirement age.  The illness or injury must prevent the individual continuing his or her own occupation.

If you are looking to set up a Group Income Protection scheme for your organisation, please contact us for further information and advice.

Pensions

Group Personal Pensions (GPPs) are basically a collection of personal pensions, set up by an employer as the organisation’s pension scheme. The employer collects the contributions and pays them to the provider.  In most instances the employer also contributes to the employee’s pension plan.

The benefit to the employer is tax relief on their contributions, as these are allowable as a business expense.  GPPs benefit the employee as the charges and administration costs are usually less than those for an individual pension plan.  Group Pension Schemes are set up and tailored to meet an organisation’s particular requirements.

If you are looking to set up a group pension scheme for your organisation, Keegan & Pennykid have over 45 years’ experience in pension advice and administration and we would be delighted to help you choose the right pension scheme for your organisation and employees. We can also provide you with a Workforce Assessment in respect of your employees in order to confirm which employees have to be automatically enrolled into a Qualifying Pension Scheme as part of Pensions Auto-Enrolment. Follow link to contact us.

Medical Insurance
Private Medical Insurance (PMI), otherwise known as Health Insurance can pay for the quick diagnosis and prompt treatment of acute illness or injury and can cover:

Getting diagnosed

  • Consultations
  • MRI, CT and PET scans
  • Diagnostics test

Getting treated

  • Post diagnostic treatment
  • Operations
  • Therapies such as physiotherapy

Health insurance won’t generally cover GP services, the management of long-term conditions (e.g. diabetes) or accident and emergency incidents.

Health Insurance can be put in place for employers, individuals, families, groups and affinity schemes.

If you are looking to set up a Medical Insurance scheme for your organisation, please contact us for further information.

Keegan & Pennykid are Independent Financial Advisers, specialising in providing advice for small to medium sized employers and their employees.  In addition to the above benefits, we are also able to advise on:

  • Auto-enrolment & workplace pensions

Make sure you know your staging date for auto-enrolment and ensure you fulfil your legal duties as an employer, whether you have an existing pension scheme or require to set one up.  To read our news item on Pensions Auto-Enrolment.

  •  Critical Illness Cover

Critical Illness Cover pays out to an employee a chosen amount of cover if  they are diagnosed with one of the conditions covered during the policy term such as heart attack, stroke and some forms of cancer.  Critical Illness Cover can commonly be added to life insurance policies.

  • Ethical Investment

Ethical investment allows you, as an investor, to integrate your values and beliefs with your financial requirements. To find out more about ethical investment and how Keegan & Pennykid (Insurance Brokers) Ltd can assist you in meeting your ethical investment needs, please read on for more information about Ethical Investment.

  •  Key Persons Insurance

For the policy to be effected, there must be a financial loss that will arise to the grantee on the death of the Key Person.

The level of Key Person cover should be determined by assessing the extent of the potential financial loss to the company on the death of the Key Person. In this context a life office underwriting the risk will usually be concerned that the level of cover effected is roughly commensurate with the financial loss that would be suffered and that there is no over-insurance. This aspect of assessing the extent of the financial risk is known as “financial underwriting”.

  • Salary sacrifice

To fund pension contributions without reducing take home pay.

Why choose Keegan & Pennykid?

  • We provide a UK-wide service
  • Our service can be tailored to your requirements
  • We can carry out group presentations to your employees followed by one-to-one meetings with individual employees to enable specific advice to be given
  • We can provide an all-encompassing service by advising on your financial and insurance needs
  • We provide complimentary workshops and seminars throughout the UK on financial and insurance-related subjects

For further information or advice on Financial Services for Business & Charities or to get  a quote, please contact us.

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