Contracts Currently Underwritten by RAM and Arranged at Lloyd's
Acting in our capacity as a Lloyd's Coverholder, we provide underwriting and administration for:
- Registered Group Life Assurance Schemes.
- Excepted Group Life Assurance Schemes.
- Group Critical Illness Insurance Schemes*
which are underwritten by certain Underwriters at Lloyd's.
What is Group Life Assurance?
A Group Life Assurance Scheme provides a group of specified individuals (members) with a tax-free lump sum benefit on death in service. The benefit is usually based on the members' earnings by way of a multiple of salary.
These benefits are secured by means of a group life policy document issued to the policyholder (the Trustee/s). The payment of any life assurance benefit is made payable to the Trustees of the scheme for settlement to the beneficiary.
The cover may be provided by means of a registered occupational pension scheme which is registered with HM Revenue & Customs (HMRC) by the Scheme Administrator, online. We will only assume risk on a scheme where there is a HMRC registration number.
Alternatively the cover may be provided by means of a non-registered scheme, known as an Excepted Policy. This policy does not require registration with HMRC and is defined in Section 480 of the Income Tax (Trading & Other Income) Act 2005 to meet the conditions as set out in Sections 481 and 482 of the Act.
These products are available to all Employers who wish to provide a life assurance benefit for their employees under a group life scheme.
Our Underwriting Ethos
Our consistent approach has been a major contributing factor to RAM's success - we do not involve ourselves with fierce pricing simply to win business. The rates we quote are sensibly competitive. They are designed to win new clients and retain existing clients, a winning combination which is reflected in our performance to date.
We like to keep policies as simple as possible and as such we include certain benefits at no cost, for example 12 months Redundancy Cover is included for free and we do not charge any extra premium if the policyholder wishes to pay on a monthly basis rather than annually. See more benefits here.
*Police & Fire Brigade schemes only