Group life insurance for small businesses

Should the worst happen, we are making it easier for paternal companies to help take care of their employees’ families.

Plans are provided by AIG Life Limited, part of AIG Inc., a global insurance group.

In the event that AIG cannot provide a plan in line with our digital proposition, Broadstone will work with you to find another suitable provider. The costs for this work may vary and we would discuss this with you in advance.

How does it work?

Our role is to make group life insurance really simple and cost-effective so more businesses can offer this to their employees. Our simple 3 step process provides you with a policy, specifically designed for your employees.

Step 1: answer some questions

Answer a few simple questions about your business and employees. This will include some basic information about your employees and any current absences from work.

Step 1: answer some questions

Step 2: get your quote

Our team will use this information supplied to obtain the most appropriate cover and let you know the cost of your monthly premiums.

Step 2: get your quote

Step 3: we'll let you know once it's done

Once you are happy with the proposal you will need to return a pre-populated application form and we’ll be in touch as soon as AIG can confirm your cover. You can then rest in the knowledge that your employees have financial protection for their families.

Step 3: we'll let you know once it's done

Group life by AIG

Our group life insurance plans are provided by AIG Life Limited, part of AIG Inc., a global insurance group.

Please take a look at the video for more information about the group life plan.

What are the costs of group life insurance?

Your business is unique. You get a tailored price based on factors unique to you such as the size of your business and your workplace demographics. We work with AIG to obtain competitive costs and you receive their best terms possible. Take a look at our example case study prices to see how little it could cost you to provide group life insurance for your employees.

Example 1: A restaurant chain with 60 employees average salary of £33,640 and an average age of 36 provided 4 X salary per employee for £800.35 per month.

Example 2: A small legal practice of 10 with an average age of 55 and average salary of £70,000 provided 2 X salary per employee for £244.53 per month.

Example 3: A new insurance broker of 10 employees with an average age of 40 and average salary of £35k provided 2 X salary per employee for £27.52 per month.

 

What are our fees?

Service Option A:

Provision of Group Life cover via AIG, to include scheme implementation only.  All online administration post scheme implementation is to be managed by you (the Employer), including the annual renewal and upload of member data, invoicing, claims and medical underwriting (where applicable). Commission will be paid annually to Broadstone by AIG which will be calculated as a percentage of the total annual premium. If your policy premium is below £1,500 per annum, we would also charge a one-off implementation fee of £500.

Service Option B:

Online administration of Group Life scheme post implementation to be managed by Broadstone, including annual renewal and upload of member data, invoicing, claims and underwriting support (where applicable). Our fee for this service would be £1,000 per annum.

Why offer group life insurance to your employees?

An affordable workplace benefit –  it offers financial protection for your employees at an affordable cost but is highly valued by employees. Group life is a tax-deductible business expense that also provides a tax-free lump sum for families. By insuring under a group arrangement you can take advantage of enhanced underwriting levels, with no medical underwriting in most cases.

Attract the best talent – employees crave security and group life insurance is a great way to offer this. Our partners at AIG found that 20% of employees rate group life insurance in their top three employee benefits (AIG Life Group Protection research, 2018). Despite this, only 19% of SMEs provide group life insurance (AIG Life Group Protection research, 2018). This represents a real opportunity for forward-thinking SMEs to steal a march on the competition when attracting talent by offering a group life benefit.

Give your employees security and peace of mind – should the worst happen, knowing that their loved ones will be financially secure can be a comfort to employees.

Access to Smart Health - instant medical support

All the employees you choose to cover with AIG’s group life insurance will also get access to AIG’s Smart Health app.

The Smart Health app provides unlimited access – 24/7 – to UK-based GPs, second medical opinions and other services, including:

  • GP consultations via telephone or video (30 minute appointment)
  • Mental health support
  • Expert case management with over 50,000 experts
  • Online personal health check
  • Personalised online nutrition/fitness consultations and programmes
PhoneVirtualGP@2x

Watch Suzanna's story

Ready to offer group life insurance to your staff?

Click the button below to start the process.