who are we and what do we do?
Ellipse provides life, critical illness and income protection insurance to employers who buy the products as an employee benefit for you. It’s usually cheaper than the same insurance you can buy yourself, and you are normally covered automatically without completing any medical questions.
how does it work?
We provide an insurance policy to your employer which typically covers all of their employees for either life, critical illness and/or income protection insurance. Your employer is the policyholder, but you and your family benefit from the insurance.
Your employer will be able to tell you what insurance cover you are entitled to and how much you are covered for. The sections below describe the benefits that each product provides to you. You can find more technical information on our product pages.
This employee benefit provides a lump sum to your family should you die while employed by the company. Cover is normally calculated as a multiple of your salary, although some policies pay the benefit as a pension. There are normally no exclusions, so you’ll be covered whether at work or not as long as you remain employed by the company.
The benefit is paid to a trust, so it will not be subject to Inheritance Tax. The trustees have absolute discretion as to whom the benefit is paid to, but they will usually pay it to the beneficiaries you nominate. You can nominate your beneficiaries using our online nomination of beneficiary service if your employer has set this up, or by completing a paper form provided by your employer. Either way they will tell you what to do.
This employee benefit provides a lump sum to you should you suffer from any of the critical illnesses covered by the policy. It covers conditions like cancer, stroke and a heart attack, and also covers you if you undergo one of the serious medical procedures listed in the policy, such as a major organ transplant or open heart surgery. You can use the money in any way you choose, perhaps for additional treatments, to pay off outstanding debts, or make changes to your home. The benefit is paid tax free.
Although you won’t need to complete any medical questions, the policy does exclude any conditions or related conditions that you have suffered from before the cover starts.
This employee benefit provides a regular replacement income to you, if you cannot work due to a serious long term illness or injury. The benefit is normally paid after you have been absent from work for an extended period, typically six months. It will pay a percentage of your normal salary, usually between 50% and 75%, every month for a defined period as chosen by your employer. This could be anything from two years, to your state pension age depending on the policy your employer has.
The benefit is paid to your employer, who deduct tax and national insurance and pay it to you, as normal, via your usual payslip.