What is Group Life Assurance?

This type of cover is designed to provide a lump sum to beneficiaries if an employee dies whilst covered by the policy. Implementing this type of plan provides your company workforce with a valuable benefit that ultimately enhances your employment contract offering.

Our experience tells us that employers who provide a comprehensive benefits package are able to attract quality staff and more importantly retain the good ones.

Inexpensive benefit with high perceived value

Premiums allowable against taxPremiums are an allowable expense against Corporation Tax and therefore are tax-efficient
Budget and cost-efficient optionsCover is available for you and your employees and you can tailor levels of cover to meet your specific requirements
Premium rates guaranteedRates are commonly fixed for periods ranging from 2-3 years provided the set-up of the plan meets the qualifying requirements
Popular benchmark benefitWith over 9 million people* having company paid death benefit schemes and more in defined benefit schemes, group life is a benchmark benefit for employers
It assists smaller organisations to attract and retain talented and skilled employees
*Source: Swiss RE Group Watch 2015 survey

Easy to implement and manage ongoing

No medical underwritingIf all employees are at work on the day the scheme starts, then they will have full cover*
Less hassle, no additional premiums payable for medical loadings and no pre-existing health conditions excluded as long as the sum assured is within the prescribed limits
Budget and cost-efficient optionsLess hassle with a one-off paper exercise to establish the scheme and maximise all tax advantages
Premium rates guaranteedAt your chosen annual review date, the scheme will continue based on uploaded data and costs will be based on membership at that time
*If any employee is away on the day scheme starts, they must complete 5 consecutive working days to gain full cover

At Henderson Loggie Financial Planning, we aim to provide a solution to meet your company’s requirements enabling you to set up a quality employee benefit.

Our engagement to provide administration services in respect of group life assurance schemes includes:

New Schemes

  • Understanding the needs of the employer
  • Reviewing and agreeing on the basis of the life assurance need
  • Obtaining the information required to provide quotations
  • Approaching the group life market to obtain competitive rates
  • Providing a recommendation that suits and meets the needs of the employer
  • Implementing the scheme and ensuring legislative requirements are met

Scheme reviews – Standard Annual review and/or Rate Review

Standard Review

  • Obtaining information from employers in a timely manner
  • Liaising with the company to make sure the scheme remains fit for purpose
  • Implementing the review with the existing insurer

Rate Review

As above, but also:

  • Re-broking the group life assurance marketplace at the end of the rate guarantee period
  • Liaising with the holding insurer and recommending any changes
  • Implementing the review either with the existing insurer or with an alternative insurer

We are also available at any point to answer questions and provide employers with guidance.

Fee Structure

Initial Fee – New scheme£650
Annual review (standard)£400
Rate Review (every second or third year)£550
Please also refer to our Terms of Business

Get in touch

If you have any questions about Group Life Assurance and would like to get in touch with us, please email info@hlfp.co.uk.