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A cost-effective and tax efficient life insurance plan to cover your employees.
Group Life Cover can be established for as little as 3 employees.
Cover is usually based on a multiple of the employee's basic salary, for example 2, 3 or 4 times salary.
A flat benefit e.g. a specific amount can also be established.
The cost of cover depends on the number of employees and level of benefit, but can be less than 1% of salary costs and is deductible as a business expense.
The insurers we work with will normally set a free cover limit below which employees are not required to provide medical evidence.
If the policy is held under a Discretionary Trust, the benefit is paid directly to the employee's nominated beneficiaries or estate.
If the policy is not held under Trust, the benefit is paid to the policyholder, usually the employer, who will then make payment to the employee's beneficiaries or estate.
Cover of up to 4 times salary can be paid as a lump sum tax free, cover in excess of this figure, may be assessable to tax.
The easiest way to get a no fee, no obligation quote is to call us on 01534 502000 or 01481 241534, or use our contact form and a member of our team will be in touch.