Group Life Cover
There are a number of important features to the Group Life cover offered by Utmost Corporate Solutions:
Group Life cover is a life assurance product provided by a company for its employees and the premiums are typically paid by the employer. Group Life schemes are set up under trust and the premiums paid are not charged to an employee as Benefit in Kind. Employers will also get tax relief on these premiums as a business expense.
The benefit is typically based on a multiple of salary but can also be based on a fixed amount.
We will pay the benefit to the scheme trustees as the policyholder. The trustees will then pay this benefit to the nominated beneficiaries, usually in the form of a lump sum. Benefits paid via a trust are free of income tax but inheritance tax could apply, depending on relevant thresholds.
Group Life plans typically include a free cover limit. This limit reflects scheme membership and salaries, and it is the maximum level of benefit that we will provide to an employee without the requirement for medical evidence. Subject to meeting our actively at work requirements, any benefit above this limit will be subject to full underwriting before acceptance terms are issued.
GROUP LIFE COVER
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