Group Life Assurance – the unsung hero of your benefits package
Many employers offer Group Life Assurance, or Death in Service as it is often known, but how many of your staff really appreciate what it provides?
No-one likes to think of losing a co-worker, but if the worst does happen then having Group Life Assurance means you are able to look after the family of your colleague and reflect your company’s values as an ‘employer of choice’. A tax-free lump sum will help your colleague’s family to be able to meet the immediate financial cost that comes with the death of a loved one, but also give them some financial security for the future.
Many Group Life Assurance plans now come with a free Employee Assistance Programme (EAP), which offers bereavement counselling and legal advice. This means that those hardest hit by the death of a co-worker can confidentially discuss how they are feeling. Do your staff know about this or how to access these services?
It’s not a benefit-in-kind and, In most cases, there’s no medical forms to complete, so employees who may struggle to get their own life cover will really value this benefit. Communication is the key to understanding and appreciation, so don’t be shy in letting your employees know the benefits of having Group Life Assurance in place.
If you’d like to find out more about setting up a Group Life Assurance plan with a free EAP, need help communicating your existing plan, or would like a market review to benchmark your current costs, we’d love to hear from you. Why not get in touch?
Like this? Share it