Group Life Assurance
When the unexpected happens, Group Life Assurance provides vital financial security for your employees’ loved ones.
At Omny Benefits, we work with SMEs to design and implement cost-effective Group Life schemes that deliver peace of mind and demonstrate a strong commitment to employee wellbeing.
This employer-sponsored benefit ensures a tax-free lump sum payout to an employee’s beneficiaries, offering immediate financial stability during difficult times. With affordable premiums and options for long-term dependent pensions, Group Life Assurance is an impactful way to support your team and their families.
But financial support isn’t the only benefit. Many Group Life policies also offer comprehensive support services, including bereavement counselling, legal advice, and mental health resources, ensuring your employees and their families feel cared for beyond financial protection.
At Omny Benefits, we tailor every scheme to your workforce, simplify administration, and ensure alignment with your broader business objectives.
Key Benefits
- Financial Security: Tax-free lump sum payments for employees’ loved ones.
- Affordable Premiums: Lower costs compared to individual policies.
- Optional Dependent Pensions: Long-term financial stability for families.
- Support Services: Access to bereavement counselling, mental health resources, and legal advice.
- Simplified Administration: Expert support for seamless setup and ongoing management.
FAQs about Group Life Assurance
The cost depends on factors such as workforce size, employee ages, and the level of cover chosen. However, Group Life Assurance is often significantly more affordable than individual life policies. At Omny Benefits, we’ll guide you in finding a cost-effective policy tailored to your budget while delivering maximum value for your team.
A common approach is to offer cover based on a multiple of employees’ annual salaries, usually two to four times their earnings. However, factors such as employee age, family circumstances, and outstanding financial commitments should also be considered. Our experts at Omny Benefits will help you determine the optimal level of coverage for your workforce.
Many Group Life policies offer additional benefits, such as:
- Bereavement counselling
- Mental health resources
- Legal advice
- Employee Assistance Programmes (EAPs)
These services not only provide immediate support in times of crisis but also contribute to your team’s ongoing wellbeing.
No, the lump sum payout from a Group Life Assurance policy is typically tax-free. This ensures families receive the full benefit amount, providing crucial financial support during challenging times.
Setting up a Group Life Assurance scheme is straightforward with **Omny Benefits**. Our team will:
- Assess your business needs and goals
- Compare quotes from trusted providers
- Ensure seamless implementation and enrolment
- Provide ongoing administrative support
We’ll guide you through every step to ensure your scheme is tailored, compliant, and easy to manage.
