Group Life Assurance
70% of the UK population have no life insurance
Group Life Assurance is considered an essential employee benefit, providing valuable financial peace of mind, knowing loved ones will be provided for in the event of their death, at what will undoubtedly be a very difficult time. It also demonstrates that an employer cares for the welfare of its workforce and their dependants.
By enacting a Group life policy for your employees, you:
- Provide cover for an employee’s spouse or partner.
- Provide essential cover in the most serious circumstances.
- Demonstrate a culture that prioritises health and wellbeing.
Why do you need Group Life Insurance?
As part of a suite of benefits, Group Life Assurance helps your people to put plans in place for that day when they may no longer be around. In our experience, it is one of the most valued benefits and very simple to implement. Group life assurance is a valuable employee benefit as it helps provide financial security for the families of employees in case of their untimely death. The coverage amount is often a multiple of the employee’s salary, and it can be an essential component of a comprehensive benefits package.
The benefits
Benefits to the employer
- Enhances your ability to retain and attract the best talent with a competitive benefits package
- Demonstrates a genuine care for the welfare of your people
- Reassures your people that their efforts in the workplace really count
Benefits to the employee
- Provides peace of mind and reassurance for your people and their loved ones
- Premiums paid on an employee’s behalf are not treated as a benefit in kind, so are not subject to income tax
- Any lump sum payable to beneficiaries is not subject to Inheritance Tax
- Provides an employee’s family with financial support and help should the worst happen