How is a scheme set up?
Your financial adviser will ask us for a quote. If you accept it, then the cover will come into effect as soon as we have written confirmation of your acceptance. Within 14 days, we’ll then require full documentation, including:
- completed application forms along with any additional information we’ve asked for
- the initial contribution
- details of all members
If we’re taking over an existing scheme, we’ll need full details from the previous insurer.
With voluntary group critical illness cover, how are the employee’s contributions paid?
You’ll need to collect these contributions (normally by deducting them direct from the employee’s salary) and pay them to us.
This product is designed for larger employers usually when they're looking to implement a flexible benefits package. This gives employees the opportunity to tailor benefits to suit their personal circumstances as their lifestyle changes.
Is the RED ARC service taxable as a benefit in kind?
No. RED ARC isn't part of our standard terms and conditions: we offer it as an additional service. This means it's not liable for P11D.
Next steps
If you would like more information about group risk products, you should talk to a financial adviser.
Further information... Who should I talk to?
Speak to your financial adviser to find out more. If you don't have an adviser, the IFA Promotion Service or the Society of Financial Advisers can help you find one.