Group life assurance deals with circumstances that we would all prefer not to think about: the loss of life. It enables you to provide a tax-free lump sum benefit payment, and/or a longer term income to an employee’s family and dependants if the employee should die in service. It’s a difficult time, highly charged with emotion and unexpected considerations for everyone involved.
With group life cover in place, we can offer practical and efficient guidance to you, as well as financial support to your employees’ loved ones. We can also help employees that have suffered bereavement themselves,at a time when they need it most.
As well as encouraging staff loyalty and demonstrating a genuine care for staff welfare, provision of group life assurance also goes some way to reassuring employees that their efforts in the workplace really count.
Group Life Assurance offers a multiple of salary or a fixed amount as a lump sum benefit upon the death of a member.
A death in service pension offers a long term income to the employee’s dependant(s), which can be based upon a percentage of either the employee’s salary, or prospective pension. In addition to a spouse’s pension, benefits may be provided for surviving children or orphans if the surviving spouse also dies.
Benefits can also be protected against inflation by including an escalation option. This means that any pension payable will increase over time at an agreed rate.
Information regarding taxation is based on our understanding of current legislation, which may be altered and depends on the individual’s financial circumstances.