Cotality provides employees with a lump sum of four (4) times your annual reference salary if you die while employed at Cotality. The maximum benefit is £550,000 will be paid. Coverage ceases on the greater of 65 years old or State Pension Age.
These benefits are insured with Canada Life and will be paid subject to any restrictions or other conditions imposed by Canada Life. The insurance company will determine both the amount and validity of any claim.
You are entitled to Group Income Protection, also known as PHI, Permanent Health Insurance through Zurich. GIP or income protection, is designed to provide you with an income if you are unable to work for long periods of time due to illness or injury.
You are automatically entitled to 75% of your basic annual salary less ESA and WRAC (Employment Support Allowance and Work Related Activity Component). You will be entitled to claim after you have been absent from work for 13 consecutive weeks and meet Zurich's incapacity definition.
This benefit is paid for by Cotality and you are not taxed on the premiums. You are automatically enroled in this benefit.