Group Life Insurance
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- Helps you attract and retain the best staff
- A lump sum cash pay out to your employees family
- Available for businesses with two or more employees
What is Group Life Insurance?
Also referred to as employee life insurance, business life insurance, and death in service insurance, group life insurance is the most popular employee benefit. It provides a lump-sum payment to your employee’s loved ones, should the worst-case scenario become a reality.
In the unlikely but heart-breaking event of an employee’s death, their next of kin will receive the full amount selected by the employer prior to the start of cover. This amount will depend on various factors, including the length of service and seniority of the employee. The employer has a few options for the lump sum; they can select a multiple of salary or just a fixed amount for all employees.
Our team specialises in providing small to medium-sized companies with the best employee life insurance, so contact us today for a quote for your business – it’s completely free!
To keep your enquiries free, all our reviews are done over the phone, so even if you want some advice – feel free to give us a call!
Why do I need Group Life Insurance?
Our absolute favorite thing about providing business life insurance is that individuals who would otherwise be denied cover can still access it. However, employers tend to be interested in group life insurance because it allows them to give something genuinely useful back to their employees.
We are firm believers that employees are the most valuable asset to your business. Therefore, it’s crucial that you let everybody know just how much you value them, and it has been proven time and time again that the most appreciated types of rewards are financial.
It isn’t always possible to raise everyone’s salaries, but employee life insurance allows you to offer some level of support to your employees’ families when they need it the most.
Providing employees with death in service insurance doesn’t only help you keep your current employees happy, but it also shows any prospective talent that you are serious about supporting them during their time working for you.
What is a Free Cover Limit on Group Life Insurance?
When we arrange a new group life insurance policy, the insurer applies a ‘free cover limit’ with the quote they provide. This free cover limit is the maximum cost that each employee on the scheme is covered for without needing to complete any health questionnaires or underwriting processes.
Free cover limits can be extremely useful for employees with pre-existing medical conditions because they do not have to be disclosed for any amount less than the specified limit.
Remember to check your employee life insurance policies limit at each review as the limit should increase as and when more employees join the scheme.
Employee Life Insurance For Small Businesses
Employee life insurance isn’t just available for large corporate clients, but it is also reasonably priced for small and even micro-businesses. To establish which product is right for your business, we always review the whole market.
Small businesses have two choices:
Group Life Insurance: We work with insurers who can quote for companies with as little as two employees and offer very generous cover levels with no underwriting.
Relevant Life Insurance: Even if you’re a sole trader or a one-person band, Relevant Life Insurance can still cover you. In this case, you will require enhanced underwriting (as it’s not on a group basis).
Does Group Life Insurance Cover Existing Medical Conditions
Group life insurance can cover employees for pre-existing medical conditions up to the free cover limit set on the policy. To enable this, we try to always recommend insurers providing a free cover limit that will cover all employees, even if it’s more expensive.
However, businesses with a smaller headcount may be asked to disclose if any employees have suffered a serious illness in the last 12 months, such as a heart attack, cancer, or a stroke. That’s why we always advise talking through your options with a broker to get the right advice.
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