Group Life Cover
Group Life Cover insurance is a great employee benefit that you can offer your staff. It can provide their dependants with a lump sum and/or pension benefit in the event of your employee’s death and can 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 people’s remuneration package and a feature to support the attraction and retention of new employees.
- You decide the level of benefits provided. For example you could set a higher level of cover for directors or senior staff, based on a specified amount or a multiple of salary.
- Under current tax laws premiums are usually treated as an allowable business expense for tax purposes. Revenue requirements and tax rules may change in the future and depend on the company’s and individual circumstances. We’d recommend that you consult your tax adviser to discuss the potential implications.
What are the benefits for your staff?
- Peace of mind knowing that their loved ones are looked after if the worst were to happen.
- The reassurance that they are pursuing a career with a company that values them and their family.