Protecting the lives of your employees is vital to your business and is a much sought after employee benefit that can help attract and retain talent.
of employees rate group life insurance in their top three employee benefits
working people suffer from a work-related illness such as stress, or stroke
of all households would feel a negative financial impact within 1 month after the death of the primary wage earner
What is Group Life Insurance?
Group Life Insurance is a death in service benefit. This is either a lump sum paid to beneficiaries, a taxable pension paid to the employee’s dependants, or a combination of the two.
Group Life Insurance also happens to be one of the most highly-valued employee benefits around.
Preparing for the unexpected
With Group Life Insurance, you can reduce a bereaved family’s stress both emotionally and financially by having a policy in place. While not many businesses will expect a death in the workplace, it can happen. As an employer, you need to consider how to manage that situation both pragmatically and emotionally to best support the wider team.
Group Life Insurance provides valuable benefits to your staff at a low cost to the business.
Benefits for employers
- Premiums generally accepted as a business expense so are eligible for tax relief
- Free cover limit and no medical evidence required on group life assurance schemes
- Ability to offer financial support to bereaved family
- Helps attract and retain talent by showing the business’s commitment to employees
Benefits for employees
- Premiums paid on behalf of employees are not seen as a benefit in kind
- Inheritance tax liability is usually not applied to lump sum benefits
- Support and reassurance
- Cover can be continued (up to a limit) if an employee is off work through illness or on sabbatical
- Free cover limit without medical underwriting for policies with exclusions
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Why Shire Health & Wellbeing?
We are experienced health insurance specialists dedicated to giving you fair and honest advice. Working with the UK’s leading health insurance providers, we’ll give you the information you need to find the right cover.
Shire Health & Wellbeing: Cash Plan Scheme
Employees place more value on health cash plans than on life insurance. These schemes are a simple, low-cost benefit that can add real value.
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