Group Life Insurance

Group life insurance is a popular employee benefit:

commonly arranged to provide a lump sum payment to an employee’s family should they die while employed by the company. Also, for businesses thinking about expanding their employee benefits package, it is the perfect complement to a workplace pension, often the first building block. Here are some of the most compelling reasons why employers should consider providing this benefit to their staff.

Attract the best talent:

In a competitive employment market, companies of all sizes need to find ways to attract the best talent to their organization and keep them there. Employee benefits are an excellent way to do this; by providing valuable benefits to employees at a low cost to the employer. By buying benefits in bulk like this, the cost per employee is cheaper than if employees were to buy benefits themselves on the high street. They therefore attach a higher value to the benefit than it costs the employer to provide. Group life insurance is seen as a foundation employee benefit, and is one of the most highly valued by employees.

Employee peace of mind:

Money worries can be a distraction and source of stress to employees and this can impact on their focus at work. Research by MetLife, showed that one in three employees are distracted at work by financial concerns following death or disability. Benefits that provide financial

security, such as group life insurance, can help to mitigate those worries and uncertainty and focus your employees on the job at hand. A focused employee is likely to be a productive employee. They are more likely to look favorably on their employer too for providing them with this security.

Doing the right thing:

A death in the workplace, although of course unlikely, does happen from time to time. Employers should consider how they would deal with such a scenario and whether they feel an obligation to support the bereaved family. Although professional, the personal relationships built between colleagues are strong, especially in small businesses. With a group life insurance policy in place, employers are able to ensure the family are looked after and supported financially.

Death cover

Prime Life pays a lump sum in event of the untimely death of the life insured so as to ease the financial burden created by the death of the life insured.

Total and Partial Permanent Disability cover

Prime Life pays a lump sum if the life insured becomes totally disabled and can't work. The policy specifies the amount paid in relation to the disability. The payment is made if disability is due to either accident or sickness.

Critical illness/Dread Disease cover

Prime Life pays a lump sum if the life insured is diagnosed with one of the critical illnesses specified in the insurance policy, such as cancer, heart attack, stroke, kidney failure, Coronary Artery Disease Surgery, Major Organ Transplant (heart, liver, lung, pancreas or bone marrow), Paraplegia and paralysis, Complete blindness, Coma, Major burns (20% of the body surface area). Instead of reimbursing the medical expenses, the way health insurance does, the rider provides money to use for any purpose during the course of treatment.

Last expense or funeral fees

Funeral insurance offers one way to plan ahead and cover funeral costs. This kind of plan typically guarantees to cover funeral costs and is available within six hours from the time of notification of death to Prime Life.

Loss of income or income protection

Due to illness or accident, the employee can be fired. So, Prime Life continues to pay the employee within the period agreed upon in the policy.