Retirement Investments Insurance Health

Retirement Investments Insurance Health

Retirement Investments Insurance Health

Retirement Investments Insurance Health

Retirement Investments Insurance Health

Retirement Investments Insurance Health

Retirement Investments Insurance Health

Retirement Investments Insurance Health

Retirement Investments Insurance Health

Retirement Investments Insurance Health

For financial adviser use only. Not approved for use with customers.

Group LifeFinancial, emotional and practical family support

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About our Group LifeOur Group Life policy has been designed to help meet the financial needs of your client’s employees as well as the practical considerations of their business. It offers:

l Lump sum payment – this is an amount of money (either a fixed amount or multiple of salary) that is paid to the scheme trustees in the event of a death. Lump sums are usually tax‑free (under current legislation).

l Low-cost premiums – our policies are designed to be tailored to individual company needs. Our aim is to keep costs low and meet the needs of the employer. In addition, under current UK legislation, premiums are usually treated as an allowable business expense.

l Flexibility to choose level of cover needed – your client has the freedom to choose the level of cover needed for their staff.

l Dependant’s/children’s pension options – your client can choose to include this option so that in addition to a lump sum, the deceased’s dependant and/or children can receive a pension based on the employee’s own pension or their salary.

l Once-only underwriting – may apply to members with benefits above the free cover limit and usually ensures that medical underwriting only happens once.

l Helping with online claims and prompt payments – our innovative online Group Life claims service avoids the need for lengthy forms or – in most cases – the need to submit an original death certificate.

l Free cover limits – on schemes with five lives and over we offer a free cover limit where medical underwriting is not normally required.

l Added-value services – we also support employees’ families through this difficult time by providing a bereavement helpline that offers advice from trained bereavement counsellors. These services are non‑contractual benefits that can be withdrawn at any time by Aviva without notice.

l Spouse and partner cover – employees can protect their spouse or partner through Aviva’s Group Life Flexible Benefits policy.

l Master trust option – the role and responsibilities of a trustee can be seen as a barrier by some employers, to taking out Group Life cover. With this option, the trustees duties are fulfilled by Aviva’s appointed trustee to the Master Trust, Pitmans Trustees Ltd.

This is a summary of the benefits available for this policy. The policy has no surrender value at any time. Full terms and conditions are available on request or visit aviva-for-advisers.co.uk

Emotional and practical support when they need it mostIt’s a difficult subject and something none of us want to consider – what would happen to your family if you died?

Offering Aviva’s Group Life cover as part of a company benefit scheme means practical financial support can be provided when it’s needed most.

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Why Group Life from Aviva is good for your client’s businessThere are many reasons why offering Group Life from Aviva is a good thing, including:

l Shows moral obligation – Group Life is one of the best ways for employers to show staff they care. By providing such a policy, employees may feel valued, secure and cared for by their employer.

l Helps retention and hiring – offering Group Life also helps clients to demonstrate commitment to their workforce which may help them retain or attract good staff.

l Speedy payment of claims – Aviva’s claims expertise and effi cient payments system help ensure speedy lump sum payment and that family members going through diffi cult times have one less thing to worry about.

l Tax-effi cient product – under current tax laws premiums are usually treated as an allowable business expense for tax purposes. HM Revenue and Customs practice and tax rules may change in the future and depend on the company’s and individual’s circumstances.

l Provides peace of mind – Aviva’s bereavement helpline provides practical and emotional support when it’s needed most.

Why Group Life from Aviva is good for your client’s employeesFor employees, Group Life from Aviva also has many advantages, including:

l Peace of mind in knowing that their loved ones have fi nancial protection in the event of their death.

l Tax-effi cient – normally Group Life is not classed as a ‘benefi t in kind’ for P11D purposes.

l Flexible cover – employees can choose whether they want to be covered for a higher or smaller amount when Group Life is part of a fl exible benefi ts package.

Added value servicesl Expert guidance and support through the bereavement

helpline whether immediately following bereavement or many months or even years after. Our dedicated team of trained bereavement counsellors are there to listen and offer invaluable advice and support to help make the grieving process that bit easier. They will help your client’s employees and their families cope with their loss should the worst happen and provide the support they need to get through the diffi culties they may face as a result. Depending on individual circumstances, they can arrange referrals to specialist organisations for further support.

l Access to a range of support and added-value extras that help promote good health and wellbeing among employees, from our 24‑hour stress counselling helplines to gym discounts.

These services are non‑contractual and may be withdrawn by us at any time without notice.

Online claims and prompt payments

We were the fi rst Group Life provider to offer online claims – at a time when effi ciency is key.

Because we don’t need to see the death certifi cate in most cases, our service means that people can concentrate on other matters, such as funeral arrangements.

Offering a fl exiblebenefi ts plan

Group Life can form part of a flexible benefits package for clients. Employees can pay a contribution towards the specific benefit they choose, while benefiting from a lower cost than they would expect to pay on the open market.

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4 Group Life

How does my client decide who should be covered?After consulting with a client, you should agree any age requirements they may want their employees to meet before joining the scheme. Please be mindful of the need to comply with the Equality Act 2010. If you or your client are in any doubt regarding the application of this law, you should seek independent legal advice. Your client may want to include a fixed probationary period that their employees must serve before joining, or allow entry at different times, for example, monthly or annually.

Does everyone have to have the same level of benefit?Not necessarily – it is possible to group members into categories of employment if, for example, the benefits are not all the same across the workforce. For example, directors could have a higher lump sum than staff.

What about employees who are based overseas?Any employees based overseas may continue to be covered, provided that their contract of employment is with the UK company.

What benefits are available for a registered Group Life scheme?Our Group Life product offers a lump sum on death in service, which can be a multiple of salary or a fixed sum. Additionally there can be a dependant’s pension on death in service or even a child’s pension. Quotes can be provided for different scenarios upon request.

What about a non‑registered excepted scheme?Excepted Group Life schemes are outside of the registered pension scheme tax rules and allow payments to be made in excess of the lifetime allowance.

We can offer these whereby only lump sums on death, sharing the same calculation method, may be provided. Such lump sums do not count towards the lifetime allowance. Excepted schemes can run alongside a registered scheme (for instance sharing the same unit rate and free cover limit) or can be standalone.

Is a Master trust available for both Registered Policies and Excepted Policies?Yes, we have both a Registered Master trust and Excepted Master trust available.

Are there any tax advantages?Contributions into a registered or an excepted scheme are, in most cases, treated as a normal business expense. For a registered scheme, lump sums payable on death are normally tax‑free unless a member is a particularly high earner or has significant registered benefits elsewhere which take them over the lifetime allowance. For excepted schemes, lump sums are tax‑free in most cases.

Our Group Life policies, whether registered or excepted, are written under trust and under current legislation are not subject to any income or inheritance tax. All pensions are taxable under PAYE and death‑in‑service pensions do not count towards the lifetime allowance. Please be aware that tax laws may change in the future.

Your questions answered

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Can cover be maintained while an employee is absent from work?When an employee is off work due to illness or injury, cover can continue to the policy cease age as long as premiums continue and a contract of employment is maintained. If absence is for any other reason, cover may continue up to a maximum of 36 months.

When will an employee’s cover stop?Cover normally stops if an employee leaves service, leaves the scheme, retires or dies. Your client may cancel the policy at any time and we may cancel our cover if premiums fall into arrears.

What happens when a scheme member dies?When your client needs to submit a claim, they can do that by using our innovative online claims process at aviva.co.uk/grouplifeclaim, or if they prefer they can submit a claim over the phone by calling us on 01603 680 715, or make a paper claim.

Further information on the available claims processes can be found on aviva-for-advisers.co.uk.

What’s needed to set the scheme up?In order to provide a quotation we need the following employee details:

l ages

l genders

l occupations

l work locations

l countries of residence

l salaries, and

l proposed levels of cover

In addition, we also need employer information on any long‑term absenteeism, members on secondment, previous underwriting decisions and claims history.

Your client will need to complete an application form (this includes a Trustee Proposal) and membership schedule. For new schemes not using our Master Trust we can provide a specimen combined trust deed and set of rules. You should take independent legal advice in respect to these and the scheme administrator will need to register with HM Revenue and Customs. For existing schemes your client may choose to continue using an existing trust, rules and registration. We will need to know your client’s existing registration number.

What medical evidence is needed?For schemes with five or more members, we may offer a free cover limit, below which medical evidence may not be required. For benefits above the free cover limit or where an employee joins outside any eligibility conditions, we may require a medical declaration or a teleinterview.

While being underwritten, employees will be covered for their full benefit (subject to a maximum of £1m above the free cover limit or previously accepted benefit) excluding pre‑existing conditions. This cover is provided for 90 days, or until a medical underwriting decision is made, if sooner.

Please refer to our technical guide for full details.

How long do premiums remain the same?For schemes with less than 20 lives, we cost on a ‘single premium’ basis. This means that each member has an individual cost, with a specific rate based on their age, gender, occupation, work location and level of benefit.

For schemes of 20 lives or more, we cost on a ‘unit rate’ basis. This means that the total benefit for all members is multiplied by one rate (called the ‘unit rate’) in order to calculate the premium.

Premiums may need to be adjusted at the end of each policy year to take into account any joiners, leavers or benefit changes. However, the underlying rates for single premium policies, and the rate for unit rate policies are usually guaranteed for two years.

Get in touchIf you’d like to know more, get in touch with our Group Protection Sales Support Team on:

0800 145 5684or find out further information at

aviva-for-advisers.co.uk

Lines open 9:00am ‑ 5:00pm, Monday ‑ Friday. Calls to and from Aviva may be monitored and/or recorded.

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6 Group Life

Aviva – a great choiceChoosing any Group Protection product from Aviva is a great decision – and not just because of our flexibility, ease of use and innovative approach.

As the largest insurer in the UK with strong businesses in selected international markets, Aviva has the strength and stability which are important in these current times.

Our proven rehabilitation and claims management expertise in Group Income Protection and dedicated claims teams, allow us to deal effectively and empathetically with all the calls we receive, and where relevant enable employees to get back to work quicker.

Our experience in Group Critical Illness helps us give your clients and their employees the reassurance that they and their loved ones will not be left without financial support should they be diagnosed with a critical illness.

And, our size and efficiency give us the strength to deliver an extensive range of value‑for‑money products to meet your clients’ needs as well as yours and provide a holistic end‑to‑end solution. From occupational health and wellness services that help to prevent illness, to access to services and treatment for acute illnesses or injuries, our products and services provide clients with a complete health, protection and wellbeing solution.

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GR01026 06/2017 © Aviva plc

Aviva Life & Pensions UK Limited.

Registered in England No. 3253947. Aviva, Wellington Row, York, YO90 1WR.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority

and the Prudential Regulation Authority. Firm Reference Number 185896.

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