Group Life Insurance enables employers to provide a tax-free lump sum benefit payment, and/or a long-term income, to an employee’s family and dependants if they should die in service. As well as encouraging staff loyalty and demonstrating a genuine care for staff welfare, provision of Group Life Insurance also goes some way to reassuring employees that their efforts in the workplace really count.
Group Life Insurance offers a multiple of salary or a fixed amount as a lump sum benefit to an employee’s family and dependants should they die in service. A death in service pension offers a long-term income to the employee’s dependants, which can be based upon a percentage of either the employee’s salary or prospective pension. In addition to a spouse’s pension, benefits may be provided for surviving children or orphans if the surviving spouse also dies.
Benefits can also be protected against inflation by including an escalation option. This means that any pension payable will increase over time at an agreed rate or in line with the Retail Price Index. SFIA’s team of employee benefits experts can work with you to arrange Group Life Insurance that ensures your employees’ families and loved ones are protected should the worst happen.