RK Henshall Protection & Healthcare Consultant Stacey, delves into the benefits of Group Life cover and why it might be seen as a must-have by employees…
What is Group Life Insurance?
Group Life cover pays out if the employee passes away whilst in employment with your organisation. The death does not have to occur whilst the employee is at work. Each employee can be covered as a multiple of their gross earnings, determined by the business upon arranging the policy. The policy can also be arranged so that different grades of employees have different levels of cover, if required.
How does Group Life help my employees?
68% of parents have no plan for dealing with the death of themselves or their partner. 47% of parents expect that they wouldn’t cope well financially, following the passing of the main income earner (Aviva, 2017). The passing of an employee is a very difficult situation. Group Life insurance can help to ease the financial burden placed on their dependents, when they need it the most.
Why does it benefit my business?
Group Life Cover has been considered a highly valued benefit, providing a clear advantage when you are trying to attract and retain top talent. As employees gain more power in the job seeking market however, employers need to do more to attract and retain talent, and so benefits like this are becoming increasingly common. Not only is it a cost-effective, tax efficient and simple policy to arrange, it also protects your most valuable asset and demonstrates your duty of care as an employer.
What other policies can I use in my Employee Benefits package?
We offer a number of Group Protection policies, including Group Income Protection, Group Critical Illness and Group Private Medical.
Stacey can talk through your options and which policies might be most appropriate for your business needs.
Give Stacey a call on 01270 758070 or visit our Employee Protection policies homepage.
