Group Life Cover

The aim of a Group Life policy is to provide insurance to cover a lump sum and/or pension benefits promised under a registered occupational pension scheme. It can be used to insure death benefits under your existing registered occupational pension scheme or under a scheme set up to provide death benefits only. It can offer a flexible range of choices with regards to these benefits.

What are the benefits of a Group Life Scheme?

Firstly it is a simple yet extremely valuable benefit that you can make to your employees. It allows you to offer a certain level of benefit should an employee die whilst in service. You are able to choose which staff are to be included in the scheme – this could be a minimum service level to reward employees who have been with you for a particular period of time, or look towards rewarding people once they achieve a specified grade within the company. Depending on the number of staff you wish to cover, most insurers offer what is called a “free cover level”. This means individuals can receive a benefit up to this amount without the need to complete ANY medical underwriting or medical forms. It can form part of a complete and attractive employee benefits package which helps you retain or recruit high calibre staff.

So what do I need to provide to set up a scheme?

Preferably we would like to discuss your requirements before hand, but as a quick guide the type of information you would normally need to provide include:

• A fully completed employer application form
• A trustee application form (if required)
• A full membership list including date of birth, salary, and business postcode
• A copy of the fully completed trust document and adopted rules (where required)
• A deposit contribution and direct debit instruction (where relevant)

What do I do if I want more information?

Simply complete the enquiry form below and one of our Group Risk advisers will contact you shortly. Alternatively you can contact us on 01274 516900. We look forward to speaking to you soon.