Group life assurance
Financial support for your employees' loved ones
Group life assurance is a valuable employee benefit, which can pay a tax free lump sum or taxable dependents’ pension for the loved ones of an employee who dies whilst covered by the policy.
Benefits for you
- A more competitive and attractive benefits package helps you recruit and keep the right staff.
- Premiums will normally qualify for tax relief depending on scheme choices, including Excepted Group Life policies, also known as relevant life policies.
Benefits for your employees
- Peace of mind for them and their loved ones.
- Lump sum and dependents’ pension benefits can be paid without waiting for probate and free of inheritance tax.
- This valuable cover is not classed as a benefit in kind.
- Access to an Employee Assistance Programme (EAP) from a award winning provider, Health Assured. They can help by providing personalised support around the clock for all your employees. Your employees will be able to have access to support, whether they’re covered by us or not. Find out more about our EAP here.
- Immediate family* members of employees can also benefit from access to our EAP telephone support services.
- Employees will be able to use Health Assured’s, My Healthy Advantage app. This can help them manage their overall health around the clock.
*Immediate family member includes spouse, partner, registered civil partner, and children aged 16 to 24 in full time education, living in the same household.
Why choose us?
- Available to employers who want to cover 10 or more employees.
- Easy to set up and straightforward administration with support from a dedicated team.
- Most employees covered without medical information.
- Simple and fast claim payments to scheme trustees, usually within five working days of us accepting a claim.
- Consider our Mastertrust solutions for lump sum benefits, at no extra cost, instead of setting up your own scheme.
- Specialist cover for equity partners and limited liability partnerships (LLP).
Read our Group life assurance and dependants' pension technical guide (966kb pdf) for more details about what we can cover and how we assess claims.