Answered by Andrew Jenkinson
Group life insurance or assurance pays out a lump sum if one of your employees dies whilst in employment with the organisation.
The death does not need to occur at work and the employee is generally covered by a multiple of their income allowing the employer to offer different levels of cover to different employees.
The insurer pays out the sum assured into trust and the trustee (the business) pays it to the family, thereby avoiding inheritance tax.
Frequently Asked Employee Benefits Questions
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