Group life policies are generally offered to businesses with at least five employees, though some providers offer policies for companies with as few as two employees.

In the event of an employee’s death, this benefit provides a lump sum to their dependants usually alongside some bereavement support at a very difficult time.

The amount paid is typically either a multiple of the employee’s salary or a fixed sum which you can decide as they employer.  

There are tax benefits for employers - premiums paid can be offset against corporation tax and are not considered a benefit in kind.

There are a range of add-on’s that are also be offered by insurers including-

Temporary Absence Cover

This option can be added to a group life insurance policy to ensure that an employee’s coverage continues if they are temporarily absent from work due to:

• Illness
• Injury
• Maternity Leave
• Paternity Leave
• Gardening Leave
• Sabbatical

Early or late Retirement Cover

This add-on allows employees who choose to take early retirement to remain covered up to the policy’s termination age, similarly, this option extends coverage beyond the maximum age, accommodating employees who work past the typical retirement age.

Redundancy Cover

With redundancy cover, employees may still be covered for up to three months without any additional cost.

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