Group life insurance, also called Death in Service, is a type of policy that will provide life insurance to the employees of a company. Paid for by the company/employer, this type of policy pays out if a member of staff dies whilst in employment to the specified company.
The policy will pay out in terms of providing a cash lump sum to the deceased employee’s immediate family. The death of an employee does not have to occur within the workplace in order for their family to receive compensation. Group life insurance policies will pay out in the event that the death occurs at work, home and even sometimes abroad.
They can be a very beneficial addition to any company, attracting new potential workers whilst also improving morale around the workplace, current employees feeling more taken care of by their employers.
There are many benefits to be had from taking out a group life insurance policy for your company. Group life insurance can often be quite tax-efficient as the policy can be classified as a business expense.
In addition to this, as previously mentioned, this type of policy can boost a workforce’s morale, rewarding a business’s staff for their hard work. Boosting the morale of a company’s workforce can also help to encourage productivity around the workplace, as when an employee feels appreciated for the work that they do, they will most likely try to keep up the good work due to this recognition.
For employees, working for a company with group life insurance can be incredibly beneficial in numerous different ways. One of the more obvious ways group life insurance can benefit an employee is the way in which it provides a great deal of financial support for their family in the event of their death. This financial support also comes with no inheritance tax.
Other additional features that can come with group life insurance include emotional support. Many policies offer bereavement counselling and other support services to help the deceased’s family through the difficult time. Group life insurance can also save employees the stress and money of taking out their own life insurance, providing them with all the benefits with none of the hassle.
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It’s quick and easy to find excellent group life insurance policies with Proper Finance. Users simply have to fill in a few details via our online application in order to find great, competitive deals from our partners.
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