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 tax||Premiums are an allowable expense against Corporation Tax and therefore are tax-efficient|
|Budget and cost-efficient options||Cover is available for you and your employees and you can tailor levels of cover to meet your specific requirements|
|Premium rates guaranteed||Rates are commonly fixed for periods ranging from 2-3 years provided the set-up of the plan meets the qualifying requirements|
|Popular benchmark benefit||With 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
Easy to implement and manage ongoing
|No medical underwriting||If 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 options||Less hassle with a one-off paper exercise to establish the scheme and maximise all tax advantages|
|Premium rates guaranteed||At your chosen annual review date, the scheme will continue based on uploaded data and costs will be based on membership at that time|
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:
- 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
- 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
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.
|Initial Fee – New scheme||£650|
|Annual review (standard)||£400|
|Rate Review (every second or third year)||£550|
Get in touch
If you have any questions about Group Life Assurance and would like to get in touch with us, please email firstname.lastname@example.org.