Group Life Insurance can be a very cost-effective Employee Benefit to help you attract and retain staff
We can arrange Group Life Insurance for your business as part of a wider Employee Benefits
package. Contact us to find out more, and we’ll explain our services and how they can help you. Then, you can decide whether or not your business can benefit from an initial discovery meeting.
What is Group Life Insurance?
Group Life Insurance is a benefit you can provide to your employees to protect their families or dependents in the event of their death. Much like individual Life Insurance it pays a lump sum benefit in the event of their death. Group Critical Illness cover can also be arranged under a separate policy.
You may wish to provide Group Life Insurance for all employees, or selected individuals such as your Board and Management team. Either way, it provides a very cost-effective benefit which could help you attract and retain staff as part of a wider Employee Benefits package.
What do you need to consider for Group Life Insurance?
Before setting up a Group Life Insurance scheme for your employees, the main considerations are:
- Level of cover – this usually works as a multiple of each employee’s salary. So, for each individual, a lump sum would be paid out of – for example 2, 3 or 4 times their salary. The level of cover is up to you, but it is worth investigating what is on offer from similar employers in your location or industry.
- Employees to cover – the aim of any Employee Benefit is to make staff feel valued and hopefully retain them. If you can’t afford a scheme for all employees, you may want to start with those that are valuable to the business and relatively hard to replace such as your Directors and senior managers. However, pricing is more cost-effective for a larger number of employees.
How can JM Glendinning help you with Group Life Insurance?
We have many years’ experience of helping businesses to implement Employee Benefits schemes. We’ve been established since 1987 and have received many positive testimonials from customers about the quality of our work.