GROUP LIFE ASSURANCE

Supporting Your People When It Matters Most.

It can be upsetting to think about how our loved ones will manage when we’re gone. Your employees feel that worry too. Group Life Assurance is an insurance policy that many employers choose to include in their employee benefits package to alleviate some of this fear. If something does happen to one of your employees, you’ll be able to provide grieving family members with a lump sum of cash to help them manage that is typically tax free.

Be there for your employees and their families, whatever happens.

Contact Us

Explore

Financial support for when the worst happens. HWWA Consulting is here to find that safety net.

contact Us

What is Group Life Assurance?

Group Life Assurance is an insurance policy taken out by employers on behalf of their staff. A highly attractive employee benefit, these products provide financial support in the event of an employee’s death by paying out a tax-free lump sum to their chosen beneficiary. Sometimes known as Death in Service cover, Group Life Assurance pays out if an employee dies while employed by you – even if this took place outside of work.

How is Group Life Assurance Calculated?

Understanding how much cover you can provide if the worst happens is important. In the UK, cover has historically been arranged as a multiple of salary – with 2, 3, or 4 times salary common. Most employees insure using a basic salary definition, though total salary can also be used. Sometimes, cover is arranged for a specific amount of money, £50,000 or £100,000, for example. However, the most common way of calculating cover is using the salary method. Whatever kind of cover you want to provide, we can investigate all the options and identify a policy that works for you.

Benefits of Group Life Assurance.

Managing finances when a loved one has just died can make a difficult time even more stressful. Group Life Assurance takes away the worry, providing a lifeline while those affected grieve and heal.

Group Life Assurance shows you truly care about the wellbeing of your employees and their families. Many policies offer ongoing support through access to counselling by qualified professionals.

For you and your employees, Group Life Assurance can provide an invaluable feeling of peace of mind. If the worst does happen, you can support their families as they navigate the loss.

A number of Group Life Assurance policies have a Free Cover Limit which simplifies administration. Your employees won’t have to fill out medical questionnaires, and the policy is underwritten just once.

Arranging Group
Life Assurance.

The most common type of Group Life Assurance is term insurance which renews annually. As the employer, you will be responsible for paying the premiums on a monthly, quarterly, or annual basis. These are normally established at the start and end of the year – what’s known as a scheme year. At this time, a spreadsheet of information provided at the start is compared with information provided at the end and balancing payments or refunds will be made depending on the situation. We can provide you with a template to fill out whenever administrative input is required, making the process simply, straightforward, and intuitive.

News

Discover the latest insight.

  • The New Pension Bill & It’s Impact on Employers.

    Read more

  • The Three Key Employee Benefit Issues from this Year’s Budget.

    Read more

  • Is Your Business Still Missing Out on Pension Salary Exchange?

    Read more

  • Is it time to reconsider your Nest pension scheme?

    Read more

  • Previous Webinar – Financial Wellbeing In The Workplace: The Why, The What & The How.

    Read more

  • How to Choose Investment Funds – A Complete Guide

    Read more

  • Business Relocation to the UK – How to Migrate Your Company Overseas

    Read more

  • The Ultimate Guide to Improving Staff Retention with Employee Benefits

    Read more

  • Group Private Medical Insurance – Key Considerations for Employers

    Read more

  • We’re delighted to Announce Our Five Stars for Experience

    Read more

  • COVID-19

    Read more

  • Changes to Automatic Enrolment Workplace Pension Limits from 6th April 2021

    Read more

Talk to us

Let’s start

your Journey.

Employee benefits don’t have to be a headache. Get in touch for a free initial consultation with a member of our friendly team.

Contact us

Talk to us

Lets start

your journey.

Employee benefits don’t have to be a headache. Get in touch for a free initial consultation with a member of our friendly team.