Group life insurance helps to ensure that your employees' families and next of kin are financially protected should that individual die whilst working for you. A "death in service" benefit is usually based on a multiple of the employee's salary and is a contractual agreement between the policyholders (your employees) and the insurance provider.
The benefits of providing a group life insurance package to your employees are:
- Provides an attractive staff benefit which can aid recruitment and reduce staff attrition
- Offers peace of mind for staff that their dependents and next of kin will be financially secure in the event of their death
- Presents a tax-free benefit to the recipient (so long as it is not more than the employee's available lifetime allowance as set out by HMRC)
- Choosing group cover as opposed to individual cover will reduce the administrative burden and associated cost to the business
Our preferred life insurance provider will guide you and your management team through the process and help you to deliver the right life insurance package for your business.
For help with any of the above, please contact us.
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