Life insurance which protects everyone throughout the company is often called “Death in Service” or “Group Life insurance”

Legal & General is one of the providers who can support companies, so the company and their employee’s (along with their families) are protected 

Legal & General supported industry with over 5,500 Group Life Protection policies and provided protection to almost 1.8 million employees at the end of 2021.

All the Group Life Insurance providers are different in how they charge and support but ultimately give the following key benefits:

A) No medical underwriting – the application process is governed by purely Age and Gender of the workforce (not job function, lifestyle choices, smoker or not, health, family health or more!)

B) The protection can be offset against the company’s corporation tax bill

C) Far cheaper and easier than person specific underwriting

D) Many Human resources or HR departments use Group Life Insurance as a key element in the employment package to recruit and retain the best staff – thus reducing recruitment costs

E) Group Life Insurance can be a “Death in Service” protection but also a critical illness protection and or sick pay or income protection tool. This in the event and employee is super ill or off work due to illness or injury gives the employee or staff financial support at a difficult time. Moreover, this is without financial impact to the company. Which is a positive to the ill employee and also the workforce – demonstrating the company is looking after them!

These are just a few of the simple benefits of Group Life Insurance Golden Rock Solutions would love to see if we can help your company with FREE Independant advice on the topic. After all if we protect the company it’s protecting our companies’ long term profitability and survival! Please get in touch