Life Insurance for Employees
It can be beneficial in a number of ways for an employer to offer life insurance for employees. There are many companies which will quote group or employee life insurance. It would be an expensive proposition for a company to take out an individual life insurance policy for every employee. With this in mind, many companies choose to insure groups of employees under specialist life cover schemes.
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These policies are called group life insurance policies and can protect a company financially from losing employees and can cover the cost of training and replacing them. In this way group life insurance for employees functions in a similar way to key man insurance in that the beneficiary is the company. This kind of life insurance can be provided on its own but most employers will link it to the pension scheme of the company. And while cover could be extended to every employee, it may be prudent to limit the policy to employees who have been with the company for a certain period of time, or are within a certain age bracket.
This group life insurance for employees is usually premised on each employee being covered for a multiple of their wage or salary per annum. The payments that occur from a policy payout are tax free unless they do not exceed the pension holder’s lifetime allowance.Losing employees suddenly can be a serious blow to any company and can result in lost productivity and profit. Taking out group life insurance for the employees of a company can bring a degree of financial security and the space needed to adapt to the changes. Use our life insurance quotes form to make an enquiry.