A reminder of the Key Insurances

It is easy to confuse the various generic names with industry jargon and company product names. A good combination of insurances will mean that, in any given worse case scenario, the insured is covered against the immediate impact of any diagnosis or sudden death, as well as being protected against the very long-term impact of an inability to work, even if life expectancy is not impaired. An ideal mix of benefits is very likely to include the following:

  •  Life Insurance: Not as simple as it may seem. Make sure your cover has no exclusions concerning the circumstances. Decreasing cover can offer much higher initial benefits for modest premiums and can be used where liability is to reduce over the long term;
  •  Permanent Health Insurance (PHI): Often called income protection, PHI is a PERMANENT and tax-free* replacement for your monthly income if you are ill and unable to work for ANY medical reason, even if life expectancy is not impaired;
  •  Critical Illness Protection (CIC): A lump-sum, one-off payment payable on diagnosis of a serious condition contained in a pre determined list of conditions, even if life expectancy is not impaired. The combination of PHI and CIC is often considered the best means of ensuring complete financial protection against ill health.                

                                 *Tax treatment of premiums may make benefits taxable

 

The process of implementing Flex-Benefits

1. Evaluation of existing benefits with a view to incorporating those benefits in any planned changes;

2. We suggest a menu of benefits suitable for the profile of your staff and your stated budget;

3. Agree final content and monthly budget;

4. Arrange a staff seminar as appropriate;

5. We arrange a 45 minute meeting with each member of staff, on site and at your convenience;

6. We then complete, where relevant, the underwriting process and issue staff with their schedule of benefits and completed menu;

7. Quarterly reviews are arranged to deal with queries, scheme leavers and joiners as well as any claims;

8. Members are issued with annual statements and the option to change their mix of benefits.

 

And, The Cost?

  •  An evaluation & initial recommendation, taking up to 3 hours, is free of charge;
  •  Implementation costs a minimum of £1,500 depending on the number of employees;
  •  Enrolment costs £150.00 per member;
  •  Monthly fee of £10.00 per member, which includes the annual review and statement.

For example: Implementation of a scheme with 20 members would cost

£5,500 at inception and £200.00 per month in ongoing admin;

a 50 member scheme would cost £10,000 at inception and £500.00 per month.

 

Some Small Print:

Each member is underwritten individually therefore their ability to enjoy insurance at a quoted price may be reduced by medical history or pre existing conditions. Lawrence Miller & Co are not responsible for the outcome of underwriting. Where this is the case, members may either elect to pay any additional premium themselves or enjoy a reduced level of cover for the agreed premium. Pre-existing medical conditions may be excluded from quoted over.

 

The employer is responsible for paying premiums as agreed. Cover and benefit for employees may lapse if

premiums are not maintained.