Group Life Insurance (Death In Service)
Probably the most cost effective life assurance cover available, death in service insurance ensures employees have a significant lump sum for their dependents whilst employed if the unthinkable were to happen.
Group death in service insurance schemes offer significant savings against individual life assurance, with eligibility for tax relief for the employer. Underwriting and paperwork is usually very simple and uncomplicated in most cases, especially as there will normally be a level of cover which will require no underwriting.
What is Group Life Insurance insurance?
A Group Gife Insurance Cover Plan provides a lump sum benefit for the employee’s family in the event of his/her death, helping to cushion the impact of loss of salary on their dependants. Premier Healthcare Management are able to advise on plans from several insurers.
How does group life insurance benefit the employer?
- Relieves moral burden should an employee die whilst in service
- Helps attract and retain loyal employees
- Tax efficient – premiums are a trading expense
- Approved benefits are not “benefits in kind”
- Continuous entry for new members
- Generous free cover level minimises underwriting
- Continuation of existing cover without medical evidence
How does group life insurance help the employee?
- Provides a lump sum benefit for the employee’s beneficiaries of up to 4 times final earnings
- Helps attract and retain loyal employees
- Tax efficient – premiums are a trading expense
- Approved benefits are not “benefits in kind”
- Continuous entry for new members
- Generous free cover level minimises underwriting
- Continuation of existing cover without medical evidence
