Group Life Insurance
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Group Life Insurance
Group Life Insurance, also known as Death-in-Service, has become an essential component of the benefits package for many employers. It offers employees the reassurance that their dependents will be financially supported in the unfortunate event of their death.
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The global strength of Gallagher gives you access to more insurance markets
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Group Life Insurance provides a lump sum payment to the employee’s designated beneficiaries or dependents if they pass away while employed by the company. This payment can help cover funeral expenses, outstanding debts, and provide ongoing financial support for the employee’s loved ones.
By offering Group Life Insurance as part of the benefits package, employers demonstrate their commitment to the wellbeing and financial security of their employees and their families. This can be a significant factor in attracting and retaining top talent, as employees value the peace of mind that comes with knowing their loved ones will be taken care of in the event of their death.
A ’continuation option’ can also be added to the Lump Sum element of Group Life Insurance Schemes. The continuation option in a Group Life Insurance Scheme allows employees to maintain their level of lump sum cover even after they have left their employment. This is achieved by replacing the lump sum cover with a term life policy. When an employee leaves the company, their coverage under the Group Life Insurance Scheme typically ends. However, with the continuation option, they have the opportunity to continue their coverage by purchasing an individual term life policy.
The term life policy will provide the same level of lump sum cover as the employee had under the Group Life Insurance Scheme. The employee will be responsible for paying the premiums for the term life policy, which are typically based on their age and health status.
By offering a continuation option, employers provide their employees with the flexibility to maintain their life insurance coverage even after leaving the company. This can be particularly beneficial for employees who may have difficulty obtaining affordable life insurance on their own due to health conditions or other factors.
It is important for employees to carefully consider the terms and conditions of the continuation option, including the cost of the term life policy and any limitations or exclusions that may apply. They should also compare the coverage and cost of the term life policy with other life insurance options available in the market to ensure they are getting the best value for their money.