Group Life Insurance
Offer financial protection for employees’ loved ones. Explore a workplace life insurance scheme built around your team and your benefits budget.
Opens WhatsApp with IM-Insured on +44 7367 195658. Start a no-obligation conversation about your cover.
What is Group Life Insurance?
Group Life Insurance is life cover arranged for a group of eligible employees. Often called death-in-service cover, it can provide a benefit if an employee dies while covered by the scheme. The death does not normally need to happen at work.
Who is it for?
Employers who want to include life cover in their employee benefits package. Scheme size, eligibility and benefit rules vary by insurer.
One scheme. Many families to consider.
Group Life is arranged by an employer for eligible employees. The starting point is not a single person’s policy, but the shape of the workforce and the benefit the organisation wants to provide.
- Who joins? Define eligible groups and when cover starts or ends.
- What benefit? Consider a fixed amount or a salary-linked level.
- Who receives it? Review scheme rules, trust arrangements and beneficiary nominations.
What to consider
The benefit is commonly a lump sum based on salary or a fixed amount. The scheme rules determine membership, benefit levels, the end of cover and how claims are paid.
Choose the benefit structure
Consider the employees to include and whether different eligible groups will receive different levels of cover.
Understand the scheme
Trust arrangements, beneficiary nominations and any medical underwriting need to be considered when cover is set up.
Related benefit: Group Income Protection
A separate product that can provide an income benefit when an employee meets the policy’s incapacity definition. It is not automatically included in Group Life.
Related benefit: Group Critical Illness Cover
A separate benefit for specified illnesses meeting the policy definitions. It is not the same as life cover.
Why consider this cover?
A workplace benefit can form part of the support you offer your team. Consider what it would provide to a family alongside any personal cover the employee already holds.
Before you decide
- Confirm eligibility, joining rules and the age at which cover ends.
- Check any underwriting requirements and benefit limits.
- Explain when cover may end after an employee leaves.
- Review trust administration, beneficiary nominations and tax treatment with appropriate advisers.
How IM-Insured can help
IM-Insured can help you compare the structure of available schemes and discuss related employee protection benefits. Start with your team size, desired benefit level and budget.
Continue on WhatsApp: +44 7367 195658. Your enquiry does not commit you to a policy.
