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5 Reasons to Set Up Company Life Insurance for Your Employees

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Why You Should Give Employees Life Insurance

Group Life Insurance is an employee benefit that will pay out a lump sum to employees’ families if they pass away.

This lump sum can be used for anything, from supporting the family finances, repaying part of a loan, or helping the family afford a funeral.

To give you a better understanding of the benefits of Group Life Insurance, we have picked our top 5 reasons why businesses should consider setting up a policy.

Support Employees and Their Families

Families and careers do not always operate in sync and it’s here UK employers can make important changes that allow their employees to have a fulfilling and secure family life outside of work, including the introduction of an employee benefits such as Group Life Insurance.

55% of SME workers admitted in our 2018 Employee Benefits survey that they regularly feel stressed with money troubles, work and family responsibilities topping the list of causes.

26% of UK workers have no idea how their family would cope financially if they passed away. Others predicted that their family would need to sell their home or rely on government benefits to get by.

One of the ways employers can help employees deal with stress includes the introduction of group insurance products like Life Insurance. The financial support they offer can help to relieve some of that financial pressure that causes employees so much stress.

Attract New Employees

Our 2018 Employee Benefits Survey revealed a lot about what employees want from a benefits package compared to what their employers actually offer.

29.4% of employees consider benefits and perks to be one of the top influencing factors when deciding on a new employer, so a great benefits package is one way for employers to make themselves stand out more among competing businesses.

29% of SME employees listed Group Life Insurance as one of the top employee benefits they would want from their employer. However, only 13.7% of employees are actually covered by a Group Life Insurance policy. This indicates that there is considerable room for employers to put together competitive employee benefits packages that can reel in new talent.

With 47.7% of employees thinking about switching jobs in the next year, now may be the perfect time to put together a benefits package that will not only make your current employees happy, but catch the eye of outside talent seeking a change of scenery.

Employee Assistance Programmes

Employee Assistance Programmes are there to support employees and their families, helping them better manage their health and finances.

These are packages that accompany many group insurance policies, offering a range of services and benefits that help employees better manage their health and happiness on a regular basis and avoid needing to claim on their insurance policy.

While the sorts of benefits your EAP covers will depend on your insurance provider and their unique offerings, a small sample of some of the valuable benefits these packages offer includes:

  • Advice services and helplines
  • Online portals, knowledge hubs and apps for general information and advice
  • Probate advice
  • Bereavement counselling
  • Over the phone or face-to-face counselling
  • Financial guidance (e.g. debt counselling).

These services can be accessed by employees at any time and some are even available to their families. They are valuable for so many reasons and even without the attachment of life cover can be important components of a comprehensive employee benefits package.

Cost Efficient Benefits

When it comes to employee benefits, Death in Service is probably one of the most affordable, cost effective insurance products you could offer, as well as being one of the most in-demand.

Group Life is tax efficient. It is not considered a benefit in kind, which means that there is no income tax to pay on the cover for the employees, and is usually eligible for corporation tax relief for the employer.

Death in Service is written into trust with the employer listed as trustee, which means that the payout falls outside of the person’s estate and is not affected to inheritance tax.

Not Usually Medically Underwritten

Individual insurance policies require applicants to undergo an underwriting process, which determines the cost of the policy based on the health and lifestyle of the individual. A greater risk means that the cost of premiums is likely to increase or might even result in the person being denied cover completely. However, this process isn’t typically applied to group policies.

Most insurers are unlikely to worry about underwriting each employee individually unless a specific employee’s cover exceeds the free cover limit.

This lack of underwriting means that many employees who may not be able to get cover or who may have to pay excessively high premiums for a personal Life Insurance policy are able to get either free cover from their employers.

For employees of a certain age or in poor health, a Group Life Insurance policy could be a saving grace, giving their family valuable financial support that otherwise might not be available to them.

Get Expert Group Life Assurance Advice

Group Life Insurance is a staple employee benefit but it’s not the only one available. The right protection for you and your business will all depend on the needs of your staff, we are here to make sure you can make an informed decision and find the most competitive premium for your business.

Why Speak to Us?

We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

  • There is no fee for our service
  • We are independent and impartial
    Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
  • We’ve got bargaining power on our side
    This allows us to negotiate better premiums for you than you going direct yourself.
  • You’ll speak to a dedicated expert from start to finish
    You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
  • Benefit from our 5-star service
    We pride ourselves on providing a 5-star service, as can be seen from our 2454 and growing independent client reviews rating us at 4.92 / 5.
  • Benefit from the protection of regulated advice
    You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
  • Claims support when you need it the most
    You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.
Nadeem Farid Head of Employee Benefits at Drewberry

If you need any help reviewing an existing Business Life Insurance policy or you are looking to set-up a new scheme please don’t hesitate to call us on 02084327333 or email help@drewberry.co.uk.

Nadeem Farid
Head of Employee Benefits at Drewberry

I had the pleasure of dealing with Jake Mills in organising my insurance. Jake was fantastic to deal with — his patience and understanding really helped.

Brendan Kelly
26/09/2019
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