What is a group life insurance policy?
A group life insurance policy is usually provided by an employer and covers all, or a group of, employees with a death benefit. This is usually in the form of a tax free lump sum payment to the family (or named beneficiary) of the person who dies whilst employed by your company.
Is group life insurance the same as death in service?
Yes, group life insurance and death in service insurance are terms used interchangeably, they both refer to the type of insurance offered by an employer which offers a lump sum (tax free) to a designated beneficiary in the event of employee death.
How does group life cover work for businesses?
Group life insurance for businesses is very simple in its working. Essentially, you find a plan which suits you and your employees, then you pay a premium monthly, quarterly, or annually. This ensures full coverage for your employees – an admirable job perk.
Alternatively, you can seek advice from specialists in health insurance to be sure that you’re finding a deal which is perfectly tailored to your needs and is most cost-effective too.
At Dragonfly Crowd, we know that customer care is vital when it comes to finding the right insurance plan for your business, and we can search a wide panel of insurers to find the perfect deal.
We also offer mental health cover for businesses and group income protection services. These are just a couple of other ways to protect the best interests and wellbeing of your employees and your business.
We take the time to listen to your specific medical needs.
We search the market for a plan that fits.
You, your family, or your employees have access to swift and professional medical treatment.
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How to set up group life insurance for your business
There are a few steps you need to take and decisions to make before setting up group life insurance for your business:
- Gathering employee information – Age, date of birth, sex, job title, salary, work location and travel information. All of this information is vital to be able to find the right plan for your business, with the right level of cover.
- Level of cover – Different plans offer different payout numbers. Consider how extensive your cover needs to be.
- Length of cover – Group life plans are fixed term, so how long do you want to cover your employees for?
63% of people in Britain do not hold a life insurance policy because they think it is too expensive. Money Marketing- October 2022
What information do you need to get group life insurance?
One of the great things about a group life insurance policy is that we often don’t require any medical information at all. You may just need to gather some basic details about yourself and your employees; but it really can be very simple!
The benefits of group life insurance for employers and employees
The primary benefit of group life insurance is peace of mind for your employees. They know that in the worst case scenario, their family and/or dependents will be covered for a good sum of money. For those working to provide for a family, this is a very attractive job perk, which helps your business to attract top talent.
Another plus is that group life insurance premiums are usually tax-deductable, making them much more affordable for your business. It is also significantly more cost effective to provide a group life insurance policy instead of individual life insurance policies.
Offering group life insurance for your employees shows them that they are valued and cared about, usually increasing morale and retention. This has a positive impact on your business too, driving higher profits and a productive workplace environment.
Our team at Dragonfly Crowd is dedicated to finding the best possible deal for you and your business.
What are the tax implications of offering group life insurance?
Premiums paid for by the business are usually considered a business expense. This means that they would be tax deductible, reducing the taxable income of your business.
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Staff retention Frequently Asked Questions
Life Insurance is a highly valued benefit for your employees. Most of your competitors may not provide Life Insurance, thus helping with your staff recruitment and retention.
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Simply provide us with your information, and we'll promptly get in touch (typically within 24 hours on weekdays) to discuss your health insurance requirements. Afterward, we'll follow up with your complimentary quote (usually within a week).