The death of an employee, often the breadwinner in one’s family can be devastating for those who are left behind. Group Life cover seeks to provide financial security at such times.
Why do I need Group Life?
Group Life cover helps you deal with one of the most difficult situations to happen in your workplace. It can be a time that’s highly emotive and there are unexpected considerations for everyone involved. With Group Life cover in place, you can ensure that financial support is provided to your employees’ loved ones.
This cover usually provides a lump sum to an employee’s dependents in the event of death. The insurance cover may take different forms depending on the requirements of your group.
Group Life insurance may be an additional benefit for employees as part of their employee benefits package. Death in service cover through a group life insurance scheme can play a major role in helping you attract and retain talent. Life insurance is a valuable benefit to offer to your employees.
How much cover is needed and how much will it cost?
Typically, the policy owner is an employer and the policy covers the employees or members of the group. In most cases, the cost of group coverage is far less than what the employees or members would pay for a similar amount of individual protection.
The actual cost of this cover depends on the size and nature of your business. When you request a quote, we’ll ask some questions about your workforce and advise you on the level of cover and offer you a price based on the information you’ve given us.
Have you considered Group Critical Illness cover?
Like Group Life, Group Critical Illness cover provides a lump sum benefit if one of your employees is diagnosed with a critical illness.
Group Critical Illness can also be offered as a benefit to your employees. It shows that you care about them and their welfare. The last thing anyone wants when they are critically ill is financial worry.
Group Critical Illness cover gives employees a lump sum to spend on pretty much anything they need; paying bills, making alterations to their home or to help with their recovery.
When you request a quote for Group Life, we’ll also recommend that you include Group Critical Illness as a part of your overall Group Protection strategy. With our experience and expertise in the Group Protection market, we’ll work with you to understand your business requirements. We will tailor the right Group Protection package to meet the needs of your business and your employees. Get a Quote