Group Life Insurance | Employee Life Insurance | Spectrum FA

What is Group Life Insurance?

Group Life Insurance is a life insurance policy taken out by an employer on behalf of their employees, as a staff benefit. It will provide a tax free lump sum payment to the employee’s family or their chosen beneficiaries upon the death of the employee.

The Insurance gives your staff the added benefit and comfort of knowing if they were to pass away, their family/loved ones would receive a lump sum of money at a time when they need it most. This can offer employees peace of mind and also help towards retaining your key members of staff.

Contact Spectrum Financial Advice today for a fee-free, no obligation review to find out how easy it could be to protect and secure your future.

Please also take a look at our frequently asked questions (FAQs) towards the end of the page.

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Tailored Cover

With Spectrum FA, you can choose from a range of flexible policies to create a comprehensive package of benefits for your employees, providing peace of mind.

Comprehensive Cover

Spectrum FA will search the market to find a comprehensive Group Life Insurance package with competitive premiums for your business.

Attractive Benefits 

With our expertise, we will recommend suitable cover for your individual needs and you can choose the additional benefits you require.

How Does Group Life Insurance Work?

This type of policy will, in the event of an insured employee passing away pay out a pre-determined lump sum to the deceased individual’s family. This can help the family to continue their lifestyle and standard of living.

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 or a specific benefit amount
  • Optional extras/add-ons to be included such as Wellbeing Support, dedicated claims team

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

Group Life Insurance 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.

The employer is the policyholder and pays the premium, and the employees are the beneficiaries. The death benefit is paid to the beneficiaries if an employee dies while employed.

What are the Benefits of Group Life Insurance?

Such a policy is an important part of an employee benefits package. It 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.

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:

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

We look at all our providers 

We have access to the leading insurance providers in the market, which allows us to recommend the most suitable policies based on your individual circumstances.

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FAQs

View some of our frequently asked questions that some of our customers have asked.

Who is eligible for group life insurance?

If you are a UK business who employs staff, then you are eligible to take out Group Life Insurance on behalf of them.

With our access to a range of policies available in the market and our experience of working with both large and small companies, we are able to source the right level of protection for your needs, meaning your employees can take advantage of the benefits of Group Life Insurance.

So, whether you have only two members of staff or employ hundreds, we will recommend suitable Insurance cover for you and your employees.

How much coverage does group life insurance provide?

Group Life Insurance can provide a multiple of an employees salary, typically between 2 and 5 times. However, there is the option to provide higher income multiples if this is suitable for the business.

There is also an option for the employer to proceed with a ‘flat rate benefit’ amount, for example, £250,000 life cover, instead of a multiple of the employee’s salary.

Who should consider Group Life Cover and why?

Providing insured employees with peace of mind that their families will be “looked after” financially if they pass away,  this cover 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 much does Group Life Insurance cost?

Premiums depend on the:

  • Number of insured employees
  • Cover level/income multiple 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
  • Occupation & industry

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).

Considering that premiums also vary between policies and providers, finding an affordable Group Life Insurance scheme can be confusing, so obtaining expert advice is essential.

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

How can Spectrum FA help with Group Life Protection Insurance?

Spectrum Financial Advice offers tailored protection advice whatever the circumstances.

Being independent, we have access to the leading insurance providers in the market, at competitive premiums. We provide expert regulated advice and will tailor the cover to match the circumstances of you and your business.

We do not charge you a fee for our advice or service and you will speak directly to an expert who will guide you through the process and handle all the paperwork on your behalf.

If you would like to take advantage of our expertise and find out how we can provide you with the necessary advice on a Group Life Insurance scheme for your employees, please get in touch with us today. You can complete the contact form on the website and one of our team will get back to you as soon as possible, or you can email us at info@spectrumfa.co.uk or phone us directly on 01279 315 013.

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