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Group Life Insurance

Group Life Insurance

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About Group Life Insurance?

All entrepreneurs worth their salt know that it is a fallacy to assume that the success of their operations is solely attributable to them.

When you run your own business, you know that the strategic decisions you make in your office or in the boardroom have far-reaching repercussions for your customers, clients and employees. It is your strategic leadership that helps your business reach new heights of success and grow from strength to strength, always keeping two steps ahead of the competition. Yet, all entrepreneurs worth their salt know that it is a fallacy to assume that the success of their operations is solely attributable to them. They understand that even the best leadership and management can only be effective when it is facilitated by skilled, talented and hardworking employees at every level.

Successful and productive employees are at their best when they know that their employer values them and the contribution they make to the company within their current position and any others they may occupy. As such, it behoves business owners to ensure that their employers are well cared for. While this obviously means ensuring that your employees are well-remunerated and have the training and professional development they need to excel, business owners also do well to protect their employees’ families should the worst happen.

That is where Group Life Insurance comes in. Here we will take a close look at what Group Life Insurance is, why it is such an essential consideration for employers and how it works. Read on and you will learn everything you need to know to protect your employees.

What is Group Life Insurance?

Some providers will also cover employees’ partners or spouses through a separate Group Life Insurance policy.

Group Life Insurance is a life insurance policy that helps businesses to support the spouses, partners or families of their employees if they should pass away while in the company’s employ. The kind of support offered varies by policy and provider but in all policies a lump sum benefit is paid to surviving partners or family members. This can be put towards funeral expenses, paying off equity on a shared property to reduce mortgage repayments or however else the employees’ surviving partners or family see fit.

Some policies also include bereavement counselling for the surviving families of departed employees. Some policies may also have an optional dependent pension. This allows businesses to provide a pension for employees’ spouses or even their children.

Some providers will also cover employees’ partners or spouses through a separate Group Life Insurance policy. Although cover may vary depending on policy and provider, having a policy in place can be highly advantageous both for businesses and their employees.

Why do I need Group Life Insurance?

Your company could have various workers essential to profits. A key person is not always the top sales person or “bread winner”.

Although Group Life Insurance is not a statutory requirement for businesses, there are many reasons why businesses of all shapes and sizes should consider it essential. It is highly advantageous for businesses that have a strong ethical focus and want to be able to put their money where their mouth is in terms of treating their employees well.

Offering Group Life Insurance as an employee benefit makes you highly desirable as an employer and this can help you to attract the top tier talent which will help your business operations go from strength to strength. If your competitors do not offer this as a benefit, you can ensure that you will recruit the cream of the crop at their expense. But more than that, it demonstrates to employees that you genuinely care about their wellbeing, and when you demonstrate your commitment to your employees, they tend to reciprocate.

What’s more, under current UK tax laws, your Group Life Insurance premiums will usually qualify as an allowable business expense. Thus, you can keep your overhead costs manageable while also providing a vital form of support for your employees.

Employees and their families benefit too. As well as a lump sum payment and access to emotional support, they can rest assured that the payments they receive are not subject to inheritance tax or other additional taxes. This means that they can put the money you give them to its best use as they see fit.

How does Group Life Insurance work?

Different industries and sectors carry varying degrees of risk.

Group Life insurance cover can be applied to any employee regardless of their role in your company, their age and even their physical health. There are no medical questions to be answered and employees are covered regardless of the cause of death. The insurer bases the cost of the premium on the risk factor presented by the workforce as a whole rather than its individual constituent members.

Factors considered include the ratio of women to men, members’ ages and the kinds of jobs they perform as well as the nature of the company itself. Obviously, different industries and sectors carry varying degrees of risk.

Cover usually amounts to one or two times the covered employee’s annual salary, although some policies pay out as much as four times an employee’s annual salary. While the cover affects the employee, the employer is the policy holder rather than the employee.

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Our dedicated team are here to offer you expert FCA qualified advice along with 1st class support to make sure the process is fast and simple.

meet our team

Jody Pearmain
Jody Pearmain

Managing Director & Founder (My Key Finance Ltd)

Lori Norton
Lori Norton

Administration Manager at MyKeyManInsurance.com (My Key Finance Ltd)

Tyler Pearmain
Tyler Pearmain

Senior Keyman Insurance Adviser at MyKeyManInsurance.com (My Key Finance Ltd)

Keri Gardiner
Keri Gardiner

Customer Service & Website Admin at MyKeyManInsurance.com (My Key Finance Ltd)

Group Life FAQ

Still have questions about Group Life Insurance? Hopefully our FAQ will help:

Key Person FAQ

If you have any further questions we’d be delighted to discuss them with you and help you to find the right cover for your business. Call us today on 020 7112 8844.

Cover normally ceases when employees reach the state pension age of 64 for women and 65 for men.

Group Life Insurance differs from individual life insurance policies in a number of ways, so it’s advisable to encourage your employees to take out their own policies on top of your group cover. Differences include;

  • Cover ends when the employee stops working for you.
  • Cover cannot be changed as it is linked to the employees salary.
  • Employers rather than employees are responsible for all administration and liaising with the insurer.

While Group Life Insurance has its undeniable benefits, some employees may also wish to consider topping it up with their own policy.

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