The cost of group life insurance depends on several variable factors: the total number of employees covered, their average age, their salaries, the level of cover chosen (such as a flat-rate cover amount or a fixed salary multiple), and your specific industry’s risk profile.
The good news is that the baseline group life insurance cost is generally far cheaper than most business owners expect. Many companies are pleasantly surprised at how affordable a policy can be given the immense value it adds to an overall rewards package.
You will pay a monthly premium, often calculated per employee, and in return, you will receive comprehensive group cover without the need for individual medical underwriting up to set monetary limits. It is predictable, scalable, and can be adjusted seamlessly as your team grows, making the overall cost of group life insurance easy to budget for alongside standard payroll overheads.
