Group life assurance and dependants' pensions
Financial support for employees' loved ones
Group life assurance is a valuable employee benefit, which can pay a tax free lump sum or taxable dependants' pension for the loved ones of an employee who dies whilst covered by the policy.
Benefits for employers
- A more competitive and attractive benefits package helps your client 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.
- Usually costs less than 1% of payroll depending on the level of cover.
- Access to an award winning Employee Assistance Programme (EAP) provider, Health Assured, who can help by providing personalised support around the clock for all your client’s employees. 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, siblings and children aged 16 to 24 in full time education living in the same household.
Benefits for employees
- Peace of mind for them and their loved ones.
- Lump sum and dependants' 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.
Why choose us?
- Available to employers who wants 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, usually within five working days of us accepting a claim.
- Comprehensive employee assistance programme available free for employees of our Group Life Assurance and Dependants' Pension customers, including their employees we aren't covering.
- For insured employees that die whilst covered by the policy, their immediate family can receive free face-to-face bereavement counselling.
- Consider our Group Life Mastertrust at no extra cost instead of your client setting up their own registered scheme.
- Specimen trusts and deeds to help your client set up and manage their own scheme.
- Specialist cover for equity partners and limited liability partnerships (LLP).
- To help manage your client’s costs and allow employees further control of their benefits, it may be useful to consider flexible and voluntary benefits.
We'll continue to provide cover and pay any valid claims as long as the policy terms are met. You can find details about when we will and won't pay claims and a glossary of terms in our PDF file: Group life assurance and dependants' pension technical guide PDF size: 541KB