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.
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.
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.
Taking out Group Life Insurance offers several benefits for both employers and employees, making it a valuable consideration for businesses of all sizes. Here are some key reasons why:
For Employees:
For Employers:
Information given during the application will form part of the legal relationship between you and the protection provider. If any information is omitted or found to be incorrect it may mean that a claim is not paid, or the policy is amended or cancelled.
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