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Group Risk Insurance
At Hennelly Finance we have the experience and expertise to deliver a Group Risk solution tailored to each employer’s individual needs.
Group risk insurance, increasingly, employers are including protection as part of a total remuneration package. At Hennelly Finance we have the experience and expertise to deliver a group risk insurance insurance solution tailored to each employer’s individual needs. Group risk insurance is a cost-effective way of protecting your business’ most important asset – your employees. It provides real financial benefits to both your business and its employees and helps establish your competitive edge and attract the best talent.
Group risk insurance benefits such as group life insurance (death-in-service benefit), group income protection (also known as permanent health insurance or PHI) and group critical illness are the backbone of many staff benefits packages in Ireland. They are primarily used to rehabilitate employees who are (or could be) off work on long term sickness absence due to stress, an accident or other illness. They also cover employees in the event of long-term illness or death. As a result, group risk insurance offers key advantages to both businesses and their employees.
Hennelly Finance we have the experience and expertise to deliver a group risk insurance insurance solution tailored to each employer’s individual needs.
Group Permanent Health Insurance
- The premium is fully tax relievable against income tax subject to an overall limit of 10% of income. This substantially reduces the cost to Irish tax residents.
- The provision of a substantial income which can also escalate in payment whilst
disabled.
- Once the risk is accepted by the insurer it cannot be withdrawn, provided premiums continue to be paid.
- Income payments will continue until age 60 or 65, or earlier recovery.
Group Income Protection
- A monthly income paid just like a salary in the event the employee cannot work due to injury or illness
- The income is paid for the duration of the illness or until the employee reaches normal pension age
- Tax deductible premiums
- The premium can be fixed or can allow for inflation, as can the benefit
- Shows your employees that you value them and their contribution to your business.
Group Income Protection is among the most valuable protection policies for employees and forms a vital component of your employee attraction and retention strategy.
Group Income Protection is among the most valuable protection policies for employees and forms a vital component of your employee attraction and retention strategy.
Group risk insurance delivered by experienced professionals.
It provides real financial benefits to both your business and its employees and helps establish your competitive edge and attract the best talent.
Group Life Insurance (Death In Service)
- Competitive premium rates
- Premiums are usually allowable as a business expense and enjoy corporate tax relief thus reducing the real cost
- Wide variety of options contained in the plan means that the right plan can easily be constructed
- Generous Free Cover Limits – reducing the need for lengthy medical evidence
- Implementation of the plan enhances employee relations
- Easy administration and flexible underwriting
- Provides peace of mind and reassurance
- Premiums paid on an employee’s behalf are not treated as a benefit in kind, so are therefore not subject to income tax
- Any lump sum payable to dependants is not subject to Inheritance Tax
- Temporary absence cover, even up to normal retirement date
Group Critical Illness
- Group Critical Illness (CI) cover pays a lump sum to an employee diagnosed with one of a defined list of serious conditions or when undergoing a defined list of surgical procedures.
- The benefit is paid once the employee has survived for a specified period. Most insurers will also offer the option of a benefit for a covered employee who is assessed as being permanently and totally disabled but not otherwise able to claim for one of the conditions covered by the policy.
- Group Critical Illness is increasingly being provided on a purely voluntary basis as part of a flexible benefits arrangement. In this case, the premium the employee pays does not qualify for tax relief.
Group risk insurance delivered by experienced professionals.
It provides real financial benefits to both your business and its employees and helps establish your competitive edge and attract the best talent.
Some of our corporate clients
