Group Cover

Protecting your employees

Group life insurance is an employee benefit provided by an employee’s company, which pays out a lump sum to beneficiaries, in the event of their passing.

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What are the benefits of group life insurance?

For many employees, this is an attractive benefit offered by a company, as it provides support to families or beneficiaries of an individual should they pass away whilst under that company’s employment.

Group insurance will typically provide an employee with cover for a multiple of their income, usually between 2-4 times their annual salary. As the policy is also set up within a Trust, the beneficiary will not be liable for paying inheritance tax on the lump sum received.

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When is a company eligible for group life insurance?

A company will need to have a minimum of 3 full-time employees. Those employees will need to meet age criteria, work within the UK and be actively working for the company.

Henry Dannell can help support you in finding the right solutions.

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