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.

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. Find out more about these extra benefits, under  Worklife Solutions.
  • 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: 722KB