Group Life Insurance
Group Life Insurance financially protects an employee's family and dependents if they were to die whilst in employment. It is a simple, low cost, effective way for you to help employees to plan for the unexpected. Such schemes are sometimes referred to as ‘Death in Service’ schemes.
In the event of death the policy would pay out a lump sum, usually as a multiple of the employee's salary. Such a scheme is usually set up under a Trust and therefore will not form part of the employee's estate.
PFM Associates can provide advice and guidance to companies and employees regarding group life assurance schemes. This can include helping you to decide on the appropriate level and type of cover for employees and finding the most cost effective solution.
Benefits to the Employer
Core offering in an attractive employee benefits scheme.
Premiums are usually allowable as a business expense.
Mitigates the cost of any voluntary payment you may wish to make should an employee die in service.
Benefits to the Employee
Peace of mind knowing that some provision has been made for their dependants’ financial protection in the event of death.
A tax free lump is paid out promptly on death to help their loved ones cope during difficult times.
Insurers often provide a bereavement service to support the loved ones of the deceased.
Address: Sir Peter Thompson House, 25 Market Close, Poole, BH15 1NE | Tel: 01202 673456 | Fax: 01202 672122
PFM Associates Limited is authorised and regulated by the Financial Conduct Authority.
'The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk .'
PFM Associates is registered in England and Wales, company registration number 03871403.
The guidance and/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.
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