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.
Who pays for group life insurance?
Group life insurance is paid for by the employer. As such, the business decides how much cover the policy will provide and it will usually remain in place until the employee either retires or leaves the company for another reason.
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Group Life Insurance in Worcestershire and Kent
Droitwich Office
5 Saltway, Droitwich, Worcestershire, WR9 8LB 01905 779697
Sevenoaks Office
46 Holly Bush Lane, Sevenoaks, Kent, TN13 3TL 01732 926255
