Group Life Insurance Scheme
Group Life Insurance enables employers to protect their employee’s dependants if an employee dies whilst in service. It is one simple but important way in which employers can help their employees prepare for the unexpected.
In the event of a premature death, the policy can pay a lump sum benefit of a multiple of individual employee’s salary (the multiple can be 12,24 or 36 in accordance to the choice of the employer). This can be invaluable in securing the family’s financial security, helping to pay for significant costs such as a mortgage or university fees.
The benefits are usually Death due any cause-meaning the multiple of the individual member’s salary will be payable on death and double this amount will be payable on accident death. The basis is usually Non Contributory .The individual employee/member does not contribute toward the premium.
The advantages for the Employers are as follows:-
A highly valued benefit package through a simple, flexible and cost-effective policy
Part of a complete and attractive benefits package helping to recruit and retain high calibre staff.
