Spectrum Financial Advice Guide to Group Life Insurance UK

What is Group Life Insurance? Learn everything you should know about group life cover in our comprehensive guide to group life insurance UK.


  1. Spectrum FA Guide to Group Life Insurance UK
  2. What Are Group Protection Schemes?
  3. What is Group Life Insurance?
  4. How Does Group Life Cover Work?
  5. How Much Does Group Life Insurance UK Cost?
  6. Who Should Consider Group Life Cover and Why?
  7. How Can Spectrum FA Help You with a Group Life Policy?

Spectrum FA Guide to Group Life Insurance UK

Employees are any company’s most valuable asset because without them, businesses simply cannot function. Looking after these precious assets is therefore crucial for businesses of all sizes, whether they have just one or two members of staff or 1000s. Specialising in group protection schemes, Spectrum FA have assisted many companies in setting up group life cover for many years. But what is group life insurance? Learn everything you should know about this type of group protection in our comprehensive guide to group life insurance UK.

Contact us to learn more about group protection schemes.

What Are Group Protection Schemes?

Frequently offered as part of a company’s comprehensive employee benefit schemes, group protection policies are taken out by employers on behalf of their employees to provide them with peace of mind that their families will be provided if something unforeseen should happen to them.

Paid for by the providing company, these schemes also benefit employers in that they enhance their standing as generous, caring & supportive (and consequently attractive) employers – which will, of course, make it easier for them to both:

  • Retain existing staff members of key importance to the company’s profitability and future growth, and
  • Attract more high-calibre employees

Currently available group protection policies include group life insurance, which we will explore in more detail below, as well as group critical illness insurance and group income protection insurance.

Please follow the links provided to the relevant guides and/or contact our experienced team of group protection experts for more detailed information.

What is Group Life Insurance?

Usually offered as an element of employee benefits packages, a group life policy is a single life insurance policy/scheme that:

  • Covers multiple members of your staff (some or all).
  • Is comparable to a relevant life plan or death in service policy in that it covers your employees throughout their service with your company.
  • Allows you to offer your staff flexible life cover that will provide their families with a comprehensive support (financial & practical) package in the event of their death

Spectrum FA can advise and set up comprehensive group life cover at competitively priced premiums. Contact us now to learn more.

How Does Group Life Cover Work?

Taken out by your company on behalf of your employees, a group life policy will, in the event of an insured employee passing away pay out a pre-determined lump sum to the deceased individual’s family.

As the policyholder, your company is responsible for payment of premiums and will determine the:

  • Number of staff members to be covered
  • Cover level for each employee, which is typically calculated as a multiple of their salary
  • Optional extras/add-ons to be included

Add-ons/optional extras may, for example, consist of dedicated helpline to support bereaved families and/or other optional benefits (depending on what is offered by any given policy)

Group life policies recommended by Spectrum FA are underwritten by the most trusted providers in the industry – meaning they will provide your workforce with reliable cover throughout their employment with you. Learn more.

How Much Does Group Life Insurance UK Cost?

Premiums for group life insurance depend on the:

  • Number of insured employees
  • Cover levels for those employees
  • Additional benefits/add-ons to be included

Other factors used to calculate premiums include individual employees’:

  • Age – Older employees will of course mean higher premiums

The nature of your business may also add to the premium (i.e. the level of occupational risk your workforce is exposed to while in your employment).

If, for instance, your company specialised in the manufacture of explosives or highly volatile chemicals, the risk of fatal accidents occurring would be significantly higher than that of an accounting or IT company.

Occupations classed as ‘high risk’ by many insurers include, among others:

  • Scaffolding, roofing, construction & civil engineering
  • Protective services – armed forces, police, fire services, prison officers & security companies;
  • Commercial fishing, agriculture (forestry & farming) & oil platforms/refineries;
  • Manufacturing, carpentry & plumbing;
  • Waste management & vehicle repair/maintenance;
  • Electrical services/contractors, haulage/delivery & private/public transport

Considering that premiums also vary between policies and providers, finding an affordable group life policy can be confusing, so obtaining expert advice is essential.

Spectrum FA can recommend suitable cover for your workforce at attractive, competitive premiums. Contact our team of group protection experts now to find out how.

Who Should Consider Group Life Cover and Why?

Providing insured employees with peace of mind that their families will be “looked after” if they pass away, group life insurance could improve their attitude towards work, morale & concentration, which in turn increases/enhances:

  • Their productivity (and consequently your business’ profitability)
  • Their loyalty to your company, which will, of course, make it easier for your company to retain high-value employees
  • Your company’s reputation as a generous, responsible employer, which will in turn make it easier for you to attract new first-class employees

Considering the benefits for both employees and employers, group life protection is an area companies with any number of employees should consider.

Are you ready to give your workforce peace of mind? Request a review (free & without obligation) now.

How Can Spectrum FA Help You with a Group Life Policy?

Our group protection specialists have assisted both small companies with just a handful of staff and large companies with hundreds or even thousands of employees set up group life policies.

We will review your company’s circumstances and will recommend suitable policies that are tailored to meet your specific needs. We have access to the most comprehensive, reliable and competitively priced policies provided by Britain’s most renowned, trusted insurance companies.

Once you are happy with our recommendations, we will guide you step-by-step through the process and we will put in place your group life insurance scheme with the chosen provider.

To learn more about group life insurance/other group protection options and/or arrange your free, no-obligation review, please do not hesitate to contact us online, by email: info@spectrumfa.co.uk or by telephone: 01279 315 013 today.