Group Life Benefit is a life insurance cover offered to a group of people. It is usually provided by an employer to its employees (as an Employee Benefit) or taken by groups of people with common interests (affinity groups).
Benefits of group life cover to the employer:
The company can attract and retain high-quality employees;
The employer can assist the employee’s family, at their most vulnerable time;
It covers the employee, on duty or holiday, while the company employs them;
It provides a 24/7 cover against death and disability resulting from accidents and illness;
Benefits of group life cover for employees:
Premiums paid on an employee’s behalf by the employer are not treated as taxable benefits;
The cover provides peace of mind and comfort;
The family’s financial future is secured as the benefits are paid in case of death or total disability of the employee.
