Do you need Group Life insurance?

Group Life provides a defined level of Death Benefit to members included under the policy.

The rationale behind a Group Life scheme is to assure groups of people bound by some common link, such as employment, membership of sporting or professional associations and the like.

The main advantages are

• It is possible to assure a large number of lives at a relatively low premium
• It is a means of improving and strengthening employee/employer relationships
• It is a means of attracting and retaining quality staff
• It is a means of helping the employee to provide financial support to his/her heirs should he/she pass away whilst in the service of his/her employer

The standard cover offered is that of ‘Death as a result of any cause’. An option available is that of ‘Death as a result of natural causes’. Cover will operate on a 24 hour basis world-wide.

The following additional benefits can also be purchased

• Accidental Death
  A benefit of double the amount assured will be payable in the event of the death of an employee as a result of an accident.
• Permanent Total Disability
  This benefit will provide for a payment equal to the sum assured if an employee becomes permanently and totally disabled.
• Critical illness
  This benefit will provide for the payment of up to 75% of the sum assured whether as an additional payment or as a prepayment of the sum assured once a member of the group has been diagnosed with one of the listed critical illnesses.

There are at least four basic methods to determine the sum assured or benefit for the individual

• A flat benefit for each person
• A flat benefit dependent upon the grade of the employee within the organisation
• A salary related benefit e.g. three times the employees’ annual salary
• A combination of all the above benefits