Group Life is not only cost-effective and simple to set up, it is also a highly valued benefit which provides a clear advantage in attracting and retaining top talent.
Group life (Death in service)
How It Works
Group Life Insurance is a very simple employee benefit paying out if the employee passes away whilst in employment with your organisation.
The policy would pay out irrespective of whether death occurs at work or not. For example, it could be as a result of an accident whilst on holiday or as a result of a long term serious illness. Each employee is covered on a multiple of their gross earnings (up to 12 x annual salary) which is determined by the business. The structure of the policy is flexible allowing different grades of employees to have different levels of cover. This could also include Group Critical Illness.
FREE Cover Limits – NO Medical required
The life cover you put in place would help to ensure that the employee’s family could cope financially, relieving money worries at a very difficult time.
Life cover has always been a valued employee benefit as well as inexpensive to provide. It can assist in attracting and retaining talent within your business, whilst at the same time demonstrating your duty of care as an employer.
A fast and efficient process for paying claims.
The policy aims to provide insurance to cover a lump sum benefit to the employees and to offer you a choice of benefits to yours and the employees needs.
- Minumum number of lives to be covered varies from Insurer to Insurer
- Different levels of cover for different group categories
- Premium payment – monthly/quarterly/yearly, depending on provider.
- Age related rates – up to 75 years of age.
- Free automatic acceptance limits are given, resulting in no medical checks being needed. (Individual assessments are given to those with benefits over the automatic acceptance limit. This varies depending on provider).
- Tax efficient for businesses.
- Tax free benefits in most circumstances.
- Added value services – such as bereavement counselling expert guidance & support.
As a business owner you know what you need to make your business a success. Suitable premises, machinery or tools, and your computer systems, may all be important, but have you protected, what’s probably, your most important asset – YOUR PEOPLE?