Group Life Assurance is an employee benefit that enables employers to provide a tax-free lump sum benefit to an employee’s family and dependants, should they die. The amount paid can be a multiple of salary or a fixed lump sum benefit. As well as encouraging staff loyalty and demonstrating a genuine care for staff welfare, providing group life assurance also goes some way to reassuring employees their efforts in the workplace really count.
Most schemes, depending on membership numbers, offer a free cover limit. Providing the benefits are below this level, cover will be provided without the need for medical underwriting. Premiums paid on an employee’s behalf are not treated as a benefit in kind, so are therefore not subject to income tax and any lump sum payable to dependants is not normally subject to inheritance tax.
A life assurance policy taken out on the life of a Key Person within your business will ensure financial security for the business, should the worst happen.
Jobson James will undertake an audit of your benefits and produce a report identifying any cost savings that can be made, improvements that could be considered and additions that could be offered. This will ensure your employee benefits package covers the main areas affecting wellbeing:
Having benefits in all these areas will result in a complete benefits solution, which is of great value to both employer and employees.