One of the most affordable and valuable employee benefits options, group life cover reassures your employees that should they die, their families and dependants will be cared for.
An unexpected death can have far-reaching consequences at a time of considerable stress, with families facing funeral and other expenses. In many cases, they are left having to pay off outstanding financial commitments or debts, and often have to contend with a sizeable drop in income.
A group life insurance policy will provide:
- A tax free lump sum to your employee’s family
- Flexibility in design to meet the needs of your workforce
- Financial security to provide peace of mind
How does group life insurance help you and your business?
- Life insurance forms part of an attractive benefit package to attract and retain high calibre candidates
- As the risk is spread over a number of employees, premiums are usually cheaper than those paid for individual cover
- Advances in medical treatment and improved lifestyles mean that more people are living longer, reducing the rates for life cover in recent years
- A group life cover scheme requires very little administration and can be provided under a tax efficient wrapper for both you and your employee
- Claims can generally be paid within 48 hours using online capabilities
- Contracts also generally include bereavement counselling and probate helpline services to provide additional support
How can Willis Towers Watson help you?
- World class consultative broking to leverage our scale to obtain the best outcome for you in terms of price and policy terms
- Actuarial modelling to derive an independent “Willis Towers Watson” risk rate/cost for your cover which can then be used to achieve the best market terms
- A governance and risk management audit to manage and mitigate any financial exposures between the insurance and benefit promise
- Trustee and Secretariat services to ease the burden and responsibilities around the nomination of beneficiaries, payment of claims and HMRC reporting requirements