Group Life Assurance
Group life insurance provides an employee’s dependants with a tax free lump sum if they die whilst in employed service. This cover gives peace of mind to your employees should the worst happen. It is often highly valued by employees and relatively inexpensive to provide as an employer in comparison to other benefits.
Excepted Life Plans – Excepted Group Life Insurance provides tax-free lump sum benefits and is most often used for high earners with large sums insured. It allows for lump sum benefits to be paid outside of the Lifetime Allowance (LTA). Most Excepted arrangements are run alongside a registered group life scheme (although this does not have to be the case) and benefit from the same costing rates and free cover levels. However, a separate trust (and trustee bank account) is required and all employees insured under the policy must have the same level of benefit.
Key Person Life Assurance – When a key person in a business passes away it can have a disastrous effect on business finances. You can help to protect your business from this threat by insuring against the loss of your most vital employees, known as Key Person cover. Unlike standard employee life assurance, a Key Person policy is owned and paid for by the employer, and any payout is made to the employer. The proceeds can be used to help replace lost profit or recruiting a replacement.