Group Life Insurance
Group life insurance, which is also known as death-in-service benefit, is an attractive bonus that employers can offer to their workers. The policy covers a staff member’s life whilst they are employed by the business and pays out a lump sum to their family if they die.
How does group life insurance work?
If an employee who is covered by the group life insurance policy dies, their loved ones will receive a lump sum that is usually a multiple of the employee’s salary. For instance, it could be two, three or four times their annual salary, which is provided tax-free if it falls within the beneficiary’s lifetime tax-free allowance.
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Looking for an experienced and dedicated financial adviser who can talk you through your protection options? Get in touch with SN Financial Services today and ask us about group life insurance.
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