Group Life Cover is life insurance that is provided by employers for their employees.
Life insurance cover is a key element of an employer’s Group Risk plan. It provides financial protection to the family of an employee in the unfortunate event of the employee’s death.
The cover pays a lump sum benefit to the designated beneficiaries, and it can also be arranged to provide a pension benefit for dependents on the employee’s death.
The lump sum benefit payment can be based on a multiple of salary or a fixed amount and the premiums are paid by the employer.
By providing employees with this peace of mind as part of their overall benefits package, employers will encourage greater loyalty to their company.
GROUP LIFE COVER