What is group life assurance (death in service)?
A group life assurance scheme enables employers to provide a tax-free lump sum benefit, usually a multiple of an employee’s salary, to an employee’s family and children if they should die whilst employed by the company.
Provision of a group life assurance scheme may assist in demonstrating an employer’s genuine care for staff welfare as well as potentially encouraging loyalty and reassuring staff that they are valued.
Group life insurance is now a very competitive market and we recommend reviewing policies on a regular basis. If your business already has a scheme in place, we can offer a no obligation free review of your existing arrangement.