Group Life Insurance is one of the most important insurance products you can provide for your people. It offers cover to help an employee’s family cope financially and emotionally following an untimely death. Our knowledge of the corporate life insurance market enables us to recommend the right product for you and your people.
Why do you need Group Life Assurance?
As part of a suite of benefits, Group Life Assurance helps your people to put plans in place for that day when they may no longer be around. In our experience, it is one of the most valued benefits and very simple to implement.
Benefits to the employer
- Enhances your ability to retain and attract the best talent with a competitive benefits package
- Demonstrates a genuine care for the welfare of your people
- Reassures your people that their efforts in the workplace really count
Benefits to the employee
- Provides peace of mind and reassurance for your people and their loved ones
- Premiums paid on an employee’s behalf are not treated as a benefit in kind, so are not subject to income tax
- Any lump sum payable to beneficiaries is not subject to Inheritance Tax
- Provides an employee’s family with financial support and help should the worst happen
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We first appointed [Partners&] in 2010 to benchmark our insurances against our multinational broker. The savings made were such that it was decided to move the company’s business across [to Partners&] that year. Since then, our relationship has grown, and we have been assisted in the settlement of a complex claim made against the company to the full satisfaction of the board of directors. We have been impressed with their personal service and we would have no hesitation in recommending them.
[Partners&] has looked after the insurance policies we have as a company (and also personal policies for our Chairman) for many years. As a PR company we often have odd requests for insurance of various stunts etc., they have taken the time to get to know our business, ensuring that we have adequate cover at all times. Finally, they are a friendly and efficient team who are always a pleasure to speak to. They provide an excellent service. I would have no hesitation in recommending their services for all insurance needs.
We’re here to help you ask the right business life assurance questions, so that together, we can work on the best outcomes for you, your business and your people.
The benefit of Group Life Assurance is that is provides a tax free lump sum payment to a spouse, partner or family member that could make a real difference and help them through a difficult time. Often families are faced with unexpected funeral costs or a significant inheritance tax bill – it’s one less worry to have to think about.
Many employers opt to provide Group Life Assurance to their people because they really want to support them and their family. They value their employees and want to make sure that they’re providing a suite of benefits that demonstrates a level of care.
As with any life assurance product, it’s important to ensure the beneficiaries expression of wishes is clear and up to date. Make sure, as part of your annual review, that your paper work is in order, otherwise the benefit could be allocated incorrectly.