Group life insurance (also known as Death in Service) is one of the simplest but most highly-valued employee benefits that a company can offer its staff.
If an employee were to die unexpectedly, the life cover you put in place for them would help ensure their family could cope financially – relieving money worries at a very difficult time. Life cover has always been an expected and valued employee benefit as well as inexpensive to provide. It can assist in attracting and retaining talent within your business, while at the same time demonstrating your duty of care as an employer.
Benefits are normally based on the employee’s earnings (up to 12 x annual salary) and can be tailored to meet the employer’s specific needs and those of their staff.
In essence, Group Life Assurance offers tax-free financial support to your employees’ loved ones as well as practical bereavement support at a time when they need it the most.