Group Life Insurance

Protecting your employees when they need it most.

For your employees

Group Life Insurance is a form of benefit that is provided for an employee’s family or dependants upon their death and is usually based on the employee’s earnings (e.g. up to 12x their annual salary) this can be tailored to the employer’s policy needs.

Group Life Insurance is often the sole life insurance provision that low to middle-income earners will have to support them should the worst happen. The protection they receive from this insurance can provide essential financial protection together with emotional support for your employees and their dependants.

Employees around a laptop
employees working on computers at a desk

Financial & Emotional Support

Depending on the type of policy, in the event of an employee’s death, a lump sum will be payable to the employee’s dependants. Additionally, many Group Life Insurance Policies operate within Her Majesty’s Revenue and Customs’ (HMRC) regulatory framework for a ‘registered occupational pension scheme’ which means that lump sum death benefits can be paid tax-free up to the Pension Lifetime Allowance (the limit on pension benefits which can be paid without triggering an extra tax charge). Broadstone can explain the different scheme types available and work with you to implement a scheme which best suits your needs.

Many policies will go beyond financial support and provide additional support services to employees. Broadstone will review and explain the support services available for you with your policy.

Need more help? Contact us today.