Group Life Cover
Group Life Cover or Death in Service benefit is where on the event of an employee's death their spouse or beneficiaries will receive a lump sum or pension benefits dependant on the employee's salary.
The benefit is worked out by salary multiples. The amount is decided by the individual company needs.
Benefits for Employees
- Peace of Mind: Assurance that your financial dependants will be looked after in the event of your death.
- Company Paid Premiums: Not liable for benefit in kind taxation.
- Tax Free Benefits: The lump sum benefit is not liable to income tax however pension benefits will be subject to tax.
Free Cover Limit: The employee will be guaranteed a minimum benefit regardless of their medical history.
Benefits for Employers
- Improved Staff Welfare: Demonstrates the company's concern with the wellbeing of its employees.
- Allowable Business Expense: Premiums can be offset against corporation tax with no other additional tax to pay.
- Flexible Plans: Different salary multiples can be used for the different staff categories included on the scheme.
- Staff Retention and Recruitment: In an ever more competitive employment market, this is an attractive cost effect benefit to offer employees.
What Next ...
- Freephone Health Matters (UK) on 0800 988 0085
- We will discuss the best options for you and make recommendations