There are good reasons to consider GROUP LIFE insurance cover from US
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GROUP LIFE
Group Life Insurance Cover is a life insurance cover offered to a group of people. It is usually provided by an employer to its employees or taken by groups of people with common interests (affinity groups)
This insurance cover pays a lump sum in the event that a member of the of the scheme dies while in service of the employer or while a member of a covered affinity group. The lump sum is usually a multiple of the member’s salary or a fixed amount.The employer takes up the cover on behalf of the employees. The policy document is in the name of the employer who usually pays the premium.
This cover provides a benefit to beneficiaries if the member dies during the defined cover period As with other types of group benefits, group life insurance is generally cheaper than similar individual policies. For this reason, group life insurance is often a key component in employee benefit packages..
Group Life Insurance helps employers or an affinity group to ease the financial distress that might befall dependents of an employee/member upon his/her death.
Benefits of group life cover for employees:
- Premiums paid on an employee’s behalf by the employer are not treated as taxable benefits
- The cover provides peace of mind and reassurance.
- The family’s financial future is secured as the benefits are paid in case the member dies.
Benefits of group life cover to the employer: - The company is able to attract and retain high quality employees.
- The employer is able to assist employee’s family, at their most vulnerable time.
- There is an automatic addition/deletion clause for members joining/leaving the scheme after its start date.
- Provides for a profit sharing option
- It provides a 24 hour cover against death and disability resulting from accidents and illness.
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