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Group Life Insurance pays out a lump sum death benefit to your employees’ family or next of kin in the event an employee dies whilst employed by an organisation. The cover is established as a single scheme that covers some or all employees within a business with a “death in service” benefit (sum assured). This is usually a multiple of individual employee salary, or as a lump sum flat benefit.
Group Life Insurance works in the same way as a regular life insurance policy by paying out a predetermined sum in the event the policyholder dies within the term of a policy. This is usually based on a flat lump sum or multiple of each employee’s salary, e.g. 2, 3 or 4x salary.
The benefit is tax-free provided cover does not exceed more than the employee’s available lifetime allowance. The current lifetime allowance is set at £1,030,000 for the 2016/2017 period.
The employee must be employed by the insured organisation at the time of their death in order for the benefit to be paid out. Group Life Insurance’s death in service schemes are annually renewable contracts which usually run until the employees’ normal retirement age.Enquire now
Provides financial peace of mind for employees and their loved ones in the event the employee dies
Provides employers with a more cost-effective solution than offering individual life insurance policies
Administration is kept to a minimum for employers
Our benefits can be developed into a bespoke package for you. You can pick and choose from our range to find those that most interest you and your employees. Contact us to discuss your options.Enquire now
Give your staff peace of mind and ensure they feel protected. Talk to us about implementing Group Insurance Schemes in your workplace today.