Group Life Insurance – A Benefit For Life
For an employer, Group Life Insurance, sometimes called “Death in Service” is an important benefit which builds trust and makes employees feel valued. In the event of an employee’s death, a cash lump sum is paid out to the employee’s family in order to help secure their future and provide financial support.
What are the benefits of Group Life Insurance?
- Your employees will receive high-quality life insurance, even if they are smokers or have previous health problems.
- There is no tax to pay on the premiums – it is not classed as a ‘benefit in kind’ by HMRC. The cash lump sum is usually tax-free too.
- Reduce costs – premiums are considered an ‘allowable business expense’.
- Your business will attract and retain people in an increasingly competitive marketplace.
- As a business, you will be demonstrating a ‘duty of care’ to your employees.
Choosing The Right Policy
Costing no more than 0.5% of a person’s salary (dependent upon benefit levels chosen), Group Life Insurance is one of the most popular employee benefits with both employers and employees.
Group Life Insurance has changed over the years. With the advent of auto-enrolment, many businesses now provide Group Life Insurance as a standalone benefit, rather than the policy being part of a company pension scheme.
At Halo Consulting, we will look at the following factors:
- The number of employees you have
- The type of industry you work in
- And the level of benefit required
A valued employee is a productive employee – show them you care by giving them the opportunity to help protect their family’s future.
For more information and specific questions please see our Group Life Insurance FAQ page.
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