Group Life Cover
Group Life Insurance is a great employee benefit that you can put in place for your staff. It provides their dependants with a lump sum and/or pension benefit in the event of your employee’s death. It can also play a major role in helping you retain good quality staff.
What are the benefits for your Company?
- Group Life Insurance can be an important part of your staff’s remuneration package and a feature to support the attraction and retention of employees.
- You decide the level of benefits provided. For example, you could set a different level of cover for general employees, senior staff and directors, based on a specified amount or a multiple of salary.
- Under current tax legislation, premiums are treated as an allowable business expense for tax purposes.
What are the benefits for your staff?
- Peace of mind knowing that their loved ones are looked after in the event of death while in your employment.
- The reassurance that they are pursuing a career with a company that values them and their family.
- The monthly premium will be paid by the employer and the employee should not be liable for Benefit in Kind on the premiums paid (based on current BIK rules).