Austria
Belgium
Denmark
Estonia
Finland
France
Germany
Greece
Iceland
Ireland
Italy
Liechtenstein
Netherland
Norway
Poland
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Australia
Hong Kong
New Zealand
India
Indonesia
Japan
Malaysia
Philippines
Singapore
Thailand
Brazil
Chile
Colombia
Mexico
Peru
USA
Bahrain
Israel
Morocco
Oman
UAE
Saudi Arabia
Tanzania
Group Term Life Benefits
Give your people the peace of mind that comes from knowing their families are financially protected—no matter what life brings.
Financial support for your employees and their loved ones
Group term life insurance is commonly referred to as ‘Death in Service’ and is one of the most highly-valued employee benefits that you can offer employees. It enables employers to provide a lump sum payment to an employee’s family, children or any chosen beneficiaries if the employee dies while employed within your organisation.
Benefits are normally based on the employee’s earnings (for example, 3 x annual salary or fixed sum assured) and can be tailored to meet the employer’s specific needs and those of their staff. Group term life insurance policy can typically be offered as a standalone policy with risk provider or integrated into a broader employee benefits insurance program.
Group term life insurance has always been a popular and affordable benefit, it can play an important role in attracting and retaining talent, while at the same time demonstrating your duty of care as an employer.
Benefits for your business
- Cost-effective benefit to provide.
- Assist in negotiating with risk providers to incorporate premium refund terms into the policy subject to specific conditions such as favourable loss ratio of the insured year.
- Supports talent retention and recruitment strategies in a competitive employment market.
- An expected and valued employee benefit.
Benefits for your people
- Provides financial peace of mind for employees and their families in the unfortunate event of the employee’s passing.
- Employee’s family receives a tax-free payment. As the lump-sum payment doesn't usually form part of a member's estate, it should be free of inheritance tax.
- Assist in negotiating with risk providers to secure higher free cover limits (FCL) or no evidence limits (NEL).
- No medical underwriting in most cases.
- Efficient claims settlement through our dedicated in-house claims management team.
Extended benefits
Group term life insurance covers death and total permanent disability for your employees, whether due to all causes or natural causes. 'All causes' includes accidental and sickness-related deaths, while 'natural causes' covers sickness-related deaths only. There are extensive supplementary riders under group term life insurance such as:
- Partial permanent disability
- Accidental death & dismemberment
- Critical illness (accelerated or non-accelerated)
- Funeral or burial expenses
- Terminal illness
- Repatriation
Expert guidance and support
If you're considering group term life insurance for the first time or looking to review the benefits you have in place, our team of expert consultants can help you navigate the complex landscape of employee benefits. With years of experience in the field, they provide independent and impartial advice tailored to the unique needs of your business, your valued employees, and your budget.
You can rest assured that when you work with us, you'll be in good hands every step of the way. We're dedicated to helping businesses like yours make informed decisions that enhance both your employees' wellbeing and your organisation's success.
