Group Life Insurance

What Is Group Life Insurance?

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Group Life Insurance is an affordable life insurance policy that delivers a lump sum to your employees’ families in the event of their death whilst you employ them. Whether you employ 2 or 10,000 employees, this flexible policy allows you to tailor your coverage to your needs

Key Features

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• Spreading the risk across the whole workforce ensures the policy remains affordable for businesses of all sizes, from 2 employees upwards. 
• Tailor the policy to the needs of your workforce. Choose the size of the payment, and the level of benefit defined groups of employees will receive.  
• A truly generous benefit; coverage for multiples of salary or a fixed amount is available. 
• The policy comes with additional support services for employees, such as bereavement counselling and mental health support (dependent on the insurer). 
• The lump sum payment is usually tax-free for your staff and in most cases, they will not be asked for medical information.

What Are the Benefits for You?

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Retain Top Talent. Demonstrates your commitment to employee financial and emotional wellbeing, enhancing your company’s appeal as an employer of choice.

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Boost Employee Morale and Productivity. Providing financial security reduces stress and fosters a positive work environment, leading to higher engagement and productivity in the workplace.

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Tax Advantages. Under current UK tax laws, your premiums normally qualify as an allowable business expense, reducing your company’s taxable income. 

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Cost-Effective Benefit. A Group Life Insurance policy is an affordable way to provide a valuable benefit. Plus, premium rates can be guaranteed for 2 or 3 years, ensuring cost predictability.

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‍Download our factsheet to discover the details of this highly valued employee benefit. ‍