Group Life Insurance

Protect your team with Group Life Insurance.

Support your employees with financial protection for their families. Our team of specialists help businesses find the right group life policy for their staff.

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We understand group life cover

Group Life Insurance gives employees peace of mind, knowing their loved ones will be financially protected if the unexpected happens. It is one of the most valued and cost-effective employee benefits a business can offer, helping employers support their workforce while strengthening their overall benefits package.

Key benefits include:

A tax-free lump sum is typically paid to the employee’s beneficiaries if they die while employed by the company.
Many policies provide access to counselling and emotional support services for families.
Benefits are usually paid through a trust, meaning the pay-out does not normally form part of the employee’s estate for inheritance tax purposes.
Premiums are not normally treated as a taxable benefit, so employees do not usually pay additional income tax.

FREQUENTLY ASKED QUESTIONS

What is Group Life Insurance?
Group Life Insurance, commonly known as Death-in-Service benefit, provides employees with the peace of mind that their loved ones will be provided for in the event of untimely death. The death does not need to occur at work or as a result of any work-related activity – the employee just needs to still be on the company’s payroll.

It is one of the simplest and most highly valued employee benefits that a company can offer its staff.

If you want to know more information please call us on 02382 354 354 or email enquiries@pangealife.co.uk
How much cover does Group Life Insurance provide?
Group Life Insurance is typically written as a multiple of each employee’s pay, anywhere from 1x to 12x salary, including any variable pay e.g. bonuses and dividends. Alternately a fixed amount can be used. Most policies provide cover up to the employee’s State Pension age but can be increased to any age up to 75.

You can choose different levels of cover for clearly defined groups of employees categorised either by their job role or their length of service. The benefit basis must be the same for all members within a category.
Who can be covered by Group Life Insurance?
Group Life insurance can cover any permanent or fixed-term employees, directors and equity partners. It’s up to the employer what the eligibility criteria for joining the scheme is whether it’s immediately on joining the company or once a probation period or minimum length of service has been completed

Most insurers require a minimum of three lives to offer a Group Life Policy.

If you want to know more information please call us on 02382 354 354 or email enquiries@pangealife.co.uk
Is Group Life Insurance taxed?
For tax purposes, premiums paid by you to cover your employees are treated as a business expense and are not treated as a P11D expense for employees.
What is included with Group Life Insurance?
Most insurers also include a number of other benefits with their Group life policies e.g. bereavement counselling and legal and probate support. Some will even include access to a 24/7 virtual GP service, second medical opinion service, health check, nutrition consultations and online fitness programmes.

If you want to know more information please call us on 02382 354 354 or email enquiries@pangealife.co.uk
Why should I talk to Pangea Life about Group Life Insurance?
Whether you are needing to review an existing policy, or are thinking about taking out a policy for the very first time, when you talk to Pangea Life you will be in great hands.

We work with all the leading and specialist Group Life Insurers in the UK, have a full understanding of the differences between each of their offers and can therefore make sure you get the policy that is right for your business and your staff and at the best rate available.

If you want to know more information please call us on 02382 354 354 or email enquiries@pangealife.co.uk