Group Life Cover - Peace of Mind for you and your employees

Showing your employees that they are valued by the business can help with recruitment, foster loyalty, aid retention and improve productivity. In this era of inflation and with pressure on firms to improve remuneration packages, a cost effective option could be to provide Group life insurance for your workforce.

Life insurance

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What is it?

Group life cover, also known as death in service benefit, which an employer may offer to their staff. The terms of the insurance are agreed between the employer and the insurance company and the employer pays the premiums. Cover is usually a multiple of the employee’s salary.
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How does it work?

If an employee dies, the death in service benefit pays out a lump sum to their family or next of kin. This benefit is usually tax-free and the employee (in most instances) must be employed by your organisation at the time of death. This type of life cover usually runs until the employee’s normal retirement age.

Benefits at a glance:

  • Easy to understand, the benefit is usually a multiple of salary
  • The payment to the family or next of kin is usually tax free
  • Group life schemes can be set up on a standalone basis they do not have to be linked to your existing company pension
  • Reinforces the companies commitment to its workforce
  • The premiums are often more cost effective than individual policies
  • Cover is often provided without the need for medical underwriting
  • Cover can be provided for all employees including shareholding Directors
  • Reduces corporation tax

Want to know more?

Act now! Contact us today for a free consultation and take the first step towards safeguarding your employees and your business’s future.

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‘This webpage is for information purposes and does not constitute financial advice, which should be based on your individual circumstances. Generally, these plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse. The definitions vary between product providers and will be described in the key features and policy document, if you go ahead with the plan.’