A low-cost way to build a talented and loyal workforce
Attracting good job candidates and retaining valued employees can be an uphill struggle if you don’t have a competitive benefits package. Group Life Assurance is a real crowd pleaser – and it’s one of our cheapest and easiest options to put in place.
What is Group Life Assurance?
Sometimes referred to as Death in Service Insurance, Group Life Assurance pays a lump sum and/or a longer-term income to an employee’s family if they die while they’re employed by your company.
Claims can be paid tax free as long as the scheme has been set up properly.
How Group Life Assurance works
Unlike other types of life insurance, a group scheme is open ended. Most employees can join the scheme without having to provide medical evidence. And insurers will often provide bereavement counselling and probate helplines as part of their cover.
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- Tax-free payout – usually three to four times the deceased employee’s salary
- No income tax implications – although your business pays the premiums, they aren’t treated as a benefit in kind
- Flexible policies – you can have different levels of cover for different pay grades and staff seniority
Group Life Assurance is a real crowd pleaser – and it’s one of the cheapest and easiest options to put in place.
Why you should consider Group Life Assurance
- Compared to other employee benefits such as private healthcare and income protection schemes, Group Life Assurance is relatively cheap.
- Millions could be at risk of a Death in Service Insurance payout pushing them over the Pension Lifetime Allowance. By setting up a policy in the right way, we can ensure this doesn’t happen.
- According to The Knowledge Academy’s analysis of data from Capita, 34.5% of UK employees chose life insurance as the benefit they’d most like to see as part of their benefits package.
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