Group life assurance, or death in service as it is often known, is a simple way to provide a benefit to your directors and/or employees.
The aim is to provide a lump sum benefit, which is usually a multiple of salary, to the director’s and/or employee’s selected beneficiaries upon death.
You do not have to provide the benefit to all employees and can choose to define eligible membership categories in a number of ways e.g. salary bands or manual workers.
Eligible employees are normally covered under the policy until they reach a designated age or are no longer employed by the company.