Group Life Insurance Cover
What is Group Life Insurance?
Group Life Insurance Cover (also referred to as Death in Service Benefit) is designed to provide financial protection for your employee’s loved ones in the event of their death, whilst under your employment.
Group Life Assurance provides a tax free lump sum (normally up to 4 times the gross salary), which can be written in trust and does therefore not form part of the employee’s estate. If it is not setup in a trust, it would be included in the legal process known as grant of probate, which could take six months or more to release any payment.
Overview
- Provides a tax free lump sum (normally up to 4 times the gross salary)
- Can be written in trust so it does not form part of the employee’s estate
- Premiums are based on your company’s location & average age of your employees
- Financial protection for employee’s loved ones in the event of their death.
The premiums vary from each insurer and will differ based on various factors such as a risk assessment of your location and the average age of your employees.
Which services will we provide?
As a completely independent brokerage, we will review the market and obtain quotations from major providers on your behalf. We will present this information in our unique, jargon free report which compares premiums and the options you have chosen.
We will guide you through the process of setting up your company scheme and will be there throughout the year to assist with any queries or claims you may have.
Call us now to speak with our experienced team about setting up or reviewing a Group Life Insurance scheme.
Main Benefits to Employees
"They have always managed to find us the best coverage at very competitive prices."
The main benefits for your employees are:
- Enjoying peace of mind that their family will be taken care of financially should the worst happen,
- A tax free lump sum paid out to dependents during an extremely difficult time.
In some circumstances, staff members may prefer to take out an individual policy, rather than be part of a group scheme. The policy is then portable which means if they ever leave the company, they can take the policy with them.
The next step . . .
Contact us today to discuss your requirements or click here if you would like one of our experienced team to call you.
We charge a refundable fee of £500 to cover the cost of the research involved. This fee is refunded to the company once you decide to proceed with one of our recommendations. Our service is free of charge if you proceed with our recommendation.
All the information we receive from you will be treated in the strictest of confidence and with the utmost discretion.