Q: What is Group Life Cover?
A: Group Life Insurance pays out a lump sum benefit to an employees’ family or next of kin in the event of an employee dying whilst employed by you.
By providing Group Life Insurance to your employees, you can provide financial peace of mind for an employee’s loved ones in the event of the worst happening. Benefits are usually a multiple of employees’ salaries, or a flat monetary lump sum amount. The employer can also decide the eligibility of the cover.
For example – minimum/maximum age, length of service or job title. We often see this Employee Benefit provided to the whole company due to it being a low-cost benefit.
Many insurers now include the following with the Group Life Cover products:
Terms and conditions apply, subject to the insurer.