Group Life Insurance
Group Life Insurance is essentially life insurance for your employees which means that if they die in service, a tax free lump sum is paid out to their family.
Group life policies are usually written in Trust so that it is ultimately the Trustees decision to whom any benefits are paid. By placing the policy in Trust, the cash sum can be paid out promptly to the employee's beneficiaries.
The life insurance premiums are paid by the employer so they are not subject to income tax. Any lump sum paid out to the beneficiaries is not subject to Inheritance Tax.
How much will premiums cost?
Several factors will need to be taken into consideration when compiling a comprehensive quote for an employer.
- The average age of your work force - the older they are, the greater the risk so premiums may be more expensive. How much cover is required.
- Some employers choose 2 x salary, others up to 12 x salary. The level of cover can also vary according to position within the company.
- Some companies will look at the location of your business in determining risk.
What next?
Talk to one of our expert advisers about setting up a Group Life Insurance Policy. We will look at your requirements and find the most appropriate company and a competitive price for you.
Telephone us 0800 458 3525 (01823 423823 from a mobile) or fill in our Enquiry Form.
If you are looking for life insurance for specific members of staff to protect your ongoing business then ask for a Keyman Insurance quote.
In order to get an accurate quote for you, we will require a certain amount of detail about your employees. Click here for an example of what will be required.
We promise that we will treat all this data in accordance with The Data Protection Act and will not use your employee personal data for marketing purposes unless we have their prior approval. We do not pass details to any 3rd party unless it is for the purpose of gaining an accurate quote.