Risk Benefits – Because Staff Are Worth It

There are 2 important areas where a company can provide valuable risk benefits for their staff:

  1. Death in Service/Life Cover – What happens if a staff member dies while in employment? How can an employer assist with funeral costs/salary replacement for the deceased’s family?

A group scheme can be put in place which will provide the next of kin of staff members covered with a multiple of salary, i.e. 2/3/4 times gross salary in the event of their untimely death in that employment. This is a cost effective way for a company to provide a valuable benefit to all their staff members and can be written off by the company as a business expense for tax relief purposes.

  1. Income Protection/Permanent Health Insurance – What happens if staff members are unable to earn an income for the medium to long term? How long will they be paid for? How can an employer help staff members who are unable to work for medium to long term?

A group scheme can be put in place which will provide staff members with up to 75% of their salary (less state benefits) in the event of being unable to earn their income as a result of illness, injury, accident, mental or physical disability and is payable after a deferred period, i.e. 13/26 weeks to a specified age, i.e. 60/65. This benefit can also be written off as a company expense for tax relief purposes.

Mark Cahill Financial Services can provide advice in relation to structuring risk benefit schemes quickly and easily and we can recommend which life insurance company can provide the best value to fit what you are looking for.

For further information on Risk benefit schemes, please contact
info@markcahillfinancialservices.com or call Mark on 086-8201180.

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