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Group life insurance is one of the most valuable benefits you can offer to both your existing and future employees. It provides them with the invaluable comfort of knowing that their family will be relieved of financial worries if they should pass away unexpectedly and this can both attract and keep your best workers.
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A group life scheme is simply a single life insurance policy that covers multiple people such as a group of employees. The policy owner is usually an employer or company who takes out one group life insurance policy to cover a group of employees. This group can be all employees of the business or only employees who have reached a certain level within the company; each policy can be tailored to what the policy owner needs.
If you are looking into group life insurance for a small business, one major advantage of this type of cover is that it can help attract good talent and long-term employees to your business. Group life insurance plans are relatively inexpensive to provide but are valued highly by employees themselves.
Employees will have peace of mind that, if the worst should happen to them, there would be a plan in place to help their family financially. Often, many people want life insurance but find it confusing to find the right policy for them; by offering a group life policy as an employee benefit, you can provide them with the protection they want without them having to go through the often-complicated process of finding the right plan.
Group life insurance policies usually only cover employees while they work for the policy owner but another advantage to the employees is that they usually have the option to convert the group coverage to an individual policy once their employment ends.
Policy premiums can vary a lot depending on how many people you want to cover and what degree of cover you want to put in place. The policy owner usually makes most or, in some cases, all of the payments, but the premiums are considerably cheaper for group life cover than the same cover would be on an individual basis. Bespoke quotes can be created based on your needs, so get in touch for recommendations on the best type of group life insurance for your small business.
To talk with one of our experts today, call 03333 440 129. Alternatively, please fill out the form above and one of our experts will contact you directly to discuss your requirements.
As the director of a start-up marketing agency, I’m too busy to spend a lot of time researching all of the insurance policies we need, let alone finding time to search for the best cover. When I spoke with Gareth, he was incredibly helpful. He explained to me exactly what I need and then found the best policies for the business, its directors and employees. Now I know that the business and its assets are protected, whatever happens. I would highly recommend Gareth, Darren and the rest of his team.