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.

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