Group life insurance

Group life assurance (death in service)

Group life insurance is a very simple employee benefit paying out if the employee dies whilst in employment with your organisation.

Protect your employees & their families with group life insurance

What group life insurance consists of

 

A group life assurance scheme enables employers to provide a tax-free lump sum benefit and/or a dependent’s pension to an employee’s family and children if they should die in service.

Having a group life assurance scheme in place goes a long way towards demonstrating an employer’s genuine care for staff welfare. As well as encouraging loyalty and reassuring staff that they are valued.

Benefits for employers of having a group life insurance scheme in place

  • It can be structured with premium rates, that represent a very low percentage of the employer’s payroll.
  • A registered scheme’s premium is usually allowable as a business expenditure, therefore reducing the net cost to the employer.
  • A wide variety of features can be incorporated into any scheme, therefore, meaning it can easily reflect an employer’s requirements.
  • Group life assurance is a very simple employee benefit paying out if the employee passes away whilst in employment with your organisation.
  • Having death in service in place means employers can contribute invaluable financial support to beneficiaries.
group life assurance

Benefits for employees of having a group life insurance scheme in place

 

  • Any premiums paid on an employee’s behalf are not treated as a benefit in kind.
  • Policies will pay whether the death occurred at work or not.
  • Any lump sum benefit is normally payable outside an employee’s estate and free from Inheritance Tax liability.
  • A group life assurance scheme can provide peace of mind, as well as reassurance.
  • Each employee is covered multiple of their gross earnings which are determined by the business upon setting up the policy.
  • Additional benefits can also include an employee assistance programme and bereavement service.

What we can offer

 

Group life is now a very competitive market and needs to be reviewed on a regular basis. If your business already has a scheme in place, The Health Insurance Group can offer a no obligation free review of your existing arrangement. We certainly have access to some of the most competitive rates in the market place.

We work closely with all of the main Insurance providers such as AIG and Aviva, ensuring we get the best, most cost-effective deals for you. Contact us today to find out more about the group life insurance schemes we offer...

Protect your employees' & their families.

Find out more about the benefits you can offer your staff. Click on the button to contact us for a free consultation today...