Group Life

The recruitment sector has always been a highly competitive one, so it’s become increasingly important these days not only to attract top quality personnel but also to hang on to them. Losing key members of staff can be disruptive to the business itself, and of course it can be prohibitively expensive to attract people of a similar calibre. To this end, your organisation should be doing all it can to retain those employees who bring the most value to the company.

One of the most rewarding employee benefits – yet also one of the simplest – is a group life insurance policy. The company can provide death-in-service cover for a relatively low cost, thereby giving its employees another reason to remain loyal. As a general rule, group life insurance for each individual member of staff will be drawn up to cover a multiple of that employee’s annual salary. The amount of that multiple is up to owners and managers, of course, and here at Scott Fyffe Wealth Management we can provide policies that are designed to fit in with your specific needs. They will also offer impressive tax benefits to the employer.

Other services that can be incorporated into a policy should you wish include legal support, bereavement counselling, health checks, General Practitioner services and even fitness programmes. Tailoring a policy to match your requirements and reflect the goals of the company is easy when our team of specialists are on hand to help you. Similarly, we’ve seen an increase in the number of companies offering ethical insurance products in recent times, so if you’d like to consider policies from organisations which place a high priority on investments in schemes for the greater good, we’d be happy to discuss this with you.

The importance of a viable group life policy to an employee should never be underestimated. Individual insurance policies can be expensive, especially to people on a tight budget, so if someone has more than adequate life cover via their job it can take away a great deal of stress. Knowing that your family will be financially compensated in the event of your passing can be exceptionally reassuring.  

We can guide you through the whole process, taking into account your preferences before providing options that are suited to them. Do you want to include cover for employees up to the age of 75? Lump sum payouts or regular pension payments? How many times the salary would you like payouts to be? These and many other questions need to be considered, but you can rest assured that we’ll explain them all clearly and honestly with you before you make a final decision.

Whether you’re looking to provide group life cover for five or five thousand, we can help to find a policy that fits. We’ll discuss your needs first, scour the market for the right products then present you with options that are tailor-made for your specific situation. To find out more, all you have to do is have a chat with our team. We’re available now on 01382 721 191 or you can use the form on our Contact page. We look forward to hearing from you in the very near future.

*The Financial Conduct Authority do not regulate employee benefits.