Group Life Insurance
Group Life Insurance, or death in service, provides employees with the security that if they were to die whilst in the service of the employer, a cash lump sum would be paid direct to their beneficiary. Insurance rates for death in service are much lower than for individual life insurance, however individuals must be aware that the cover ceases on cessation of employment and it should therefore not be seen as a complete replacement.
Many employers also offer life assurance as part of their benefits scheme. This type of group risk benefit will pay a lump sum to the partner or spouse of an employee, in the event that the employee dies while in the service of the company.
Generally premiums for a life assurance scheme will be set with reference to the number of employees and their age. It is highly unlikely that the insurer will conduct a health check of the group.
Talk to a qualified Holborn Employee Benefits adviser today to find out more.