Group Life Insurance

A group life policy enables employers to provide a tax-free lump sum benefit payment, and/or a longer term income, to the family and dependents of an employee if they were to die during employment.

As well as encouraging staff loyalty and demonstrating a genuine care for staff welfare, provision of group life assurance also goes some way to reassuring employees that their efforts in the workplace are appreciated.

The main advantages of such a scheme are:

  • Policies are very flexible and cover can be tailored to your specific requirements
  • Generous free cover limits – reducing the need for lengthy medical evidence
  • Implementation of the plan enhances employee relations
  • Provides peace of mind and reassurance
  • Premiums paid on an employee’s behalf are not treated as a benefit in kind and are therefore not subject to income tax
  • Any lump sum payable to dependents is not subject to inheritance tax
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We have been using Hine Insurance Brokers for a year and find them suited to our needs. The service we receive from them, and especially Chris Lobley, is always excellent. Any insurance issues we have are quickly resolved and any claims dealt with efficiently.

Peter Connah, Lancaster Partners Ltd