Set up a Life Cover benefit
Life cover is a term used to describe life insurance or death cover, which can provide a cash lump sum in the event of an employee's death.
To create a life cover benefit for an employee:
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Sign in to Staffology HR.
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Go to Directories.
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Select the required employee and choose Edit.
You can also select the edit icon displayed on the employee's name:
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Select Benefits.
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From the dropdown, choose Life Cover > Create New.
Fields for Life Cover
| Provider |
The name of the Life Cover provider.
If no options display in the dropdown, select Provider or go to System Tools > Lookup Tables > Benefits > Life Cover Provider to add your provider lookups.
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| Policy Number | Enter the policy number from the provider. |
| Date From | Enter the policy start date. |
| Date To | Enter the policy end date. |
| Provider Details | Enter additional information about the provider (e.g. address, primary contact etc). |
| Benefit Summary | Enter additional information about the policy you require. This can include dependants' info or endorsements to the policy. |
| Salary Multiple* | The multiple of salary benefit appears in the Summary section. |
| Salary %* | Refer to Calculations for Life Cover below. |
| Unit Rate | Refer to Calculations for Life Cover below. |
| Aggregate Unit Amount | Refer to Calculations for Life Cover below. |
| Extranet | Add the provider's website. This displays via the reward statement and the employee can use this link to obtain further information about the provider. |
| Exclude Reward Statement | Select this checkbox if you want to exclude this policy from the reward statement. |
| Paid through Payroll | Select this checkbox if you want this policy to be paid through payroll. |
| Actions | |
| Activity* | You can create an activity relating to this record. |
| Linked Documents | If required, upload related documents for the employee to view. |
| Data Audit | Audit of any changes. |
| Mail Merge Field Selector | To create mail merge documents relating to this benefit. |
| Mail Merge | Merge the data from the record into the previously created mail merge document. |
| Reminder Alerts* | Frequency based reminders for this record. |
Calculations for Life Cover
You can use Salary% or Unit Rate and Aggregate Unit Amount.
Salary % Formula
Salary * (Percentage/100).
Unit Rate and Aggregate Unit Amount Formula
((Salary * Salary Multiple) * Unit Rate) / Aggregate Unit Amount.
If using the Unit Rate, you also must calculate an Aggregate for the value of the benefit.