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Death in Service: Why Group Life Insurance Makes Sense

There are a lot of things that can happen in life, all of them unexpected. While we all know death is coming, we don’t know when, and it can strike at the worst times. For many people, there is only one steady income in the family, and even those who have two can find themselves struggling to stay afloat. Group life insurance is the peace of mind that your staff need, but also deserve.

What is Group Life Insurance?

So, what is it? If an employee dies whilst employed by a company providing cover, the Business Life Insuranceis there to look after the family that they leave behind. It’s a tragic time for everyone, and the last thing that a family wants to worry about is finances.

Group Life Insurance will pay out a tax-free lump sum to support them after the death of their loved one and ensure that they have time to grieve and recover. The claims process is incredibly simple to make things easier on everyone, and it tends to be quite fast so that peace of mind is achieved sooner.

Helps You Attract the Best Talent

Employee Benefits will always help to attract new and eager talent, but Group Life Insurance is one of the most desirable. The insurance is cheaper than if they were to buy it as personal insurance, and it also means that they know everything is taken care of if something happens.

It’s a known fact that Group Private Medical Insuranceis the most desired benefit but life insurance is still a valuable benefit to have, and it doesn’t just mean that more talent will want to come work for you, it also means that you can find the best and have a better chance to retain them.

It’s Affordable and Tax Efficient

Depending on the company structure it can be extremely cheap in the big scheme of things, and you’ll find that the expenditure is a lot lower than you may have thought. In a company with ten employees, you may only be spending £500 a year on the policy. It’s cheaper than employees purchasing it directly, requires no medical questionnaires and it often offers a lot more in terms of support services.

Is it Available for Small Businesses?

Yes, it is available for small and medium businesses and It’s something that more should be considering if they want to retain their employees and look after them. Group schemes do not require health questionnaires up to a set limit, so some of your employees may not be able to buy individual insurance due to existing health conditions whereas a group scheme would cover them.

To Conclude

Group Life Insurance is about doing the right thing. Your staff are people too, and they have families that rely on their income to keep things moving. If something happens and they are no longer able to provide, many families will fall into financial disrepair.

If you’d like to find out more visit Hooray Health & Protection.

2018