Group life death in service cover, offers employees peace of mind that – in the event of their untimely death – their loved ones will be provided for. This is one of the most highly valued benefits a company can offer its staff and one of the easiest to set up.
The amount payable is based on a multiple of the annual salary amount, typically, this multiple is 4x salary, but much higher sums are available for Directors and key employees.
Cover can be arranged for as few as 3 employees and most insurers will operate a threshold of cover below, no medical underwriting is required. This is typically in the region of £500,000 and is a significant advantage over attempting to incept your own individual life policy.
Benefits are paid into a discretionary trust, which are often available ‘off the shelf’ through the provider, with independent trustees appointed to distribute benefits to the beneficiaries nominated by the employee.
If you would like to discuss a policy for your business, please speak to a member of our Group Life team: 03300085021