Group Term Life Insurance
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Why offer group term life insurance?
Life insurance is a cornerstone of most employment benefits packages. Group term life insurance is a low cost, tax efficient way for a company to demonstrate concern for employees and their family’s welfare. Studies show that employers who include a benefit element as part of their remuneration package attract and retain a loyal and stable workforce.
What are the benefits of Group term life insurance?
Group term life insurance is a cost effective approach to getting employee commitment. Coverage ensures that an employee who dies, whether from natural causes or as the result of an accident, will leave his/her beneficiaries with a tax-free sum to assist with the unexpected loss of income. Group membership entitles employees to lower premiums for a given level of benefit.
All employees are entitled to join a group scheme (possibly having satisfactorily completed a probation period). Normally, individual members do not require medical assessment and may have options to continue coverage if they retire or leave their current employer. Premiums paid by the employer as part of a salary package will be
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Understanding Term Life Insurance
Frequently Asked Questions
Term life insurance is normally more expensive for older applicants. Is this the case for group members?
No. Insurance companies will consider the group as a whole and the financial strength of the company. Any contract will attempt to exclude ‘adverse selection’.
Will there be a large amount of administration?
No. You will only need to identify
Term life insurance is generally for a fixed period. How does this apply to a group policy?
The great advantage of group insurance is that the ‘term’ is defined by the point at which the insured leaves the group, specifically by choice or on death.
Do term life policies have a cash value?
No, but most insurers will offer preferential terms if clients choose to convert to whole life or
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