Group Life Insurance FAQs

 

 

Q: WHAT IS GROUP LIFE ASSURANCE?

A: "Group Life Assurance (GLA) is a valuable employee benefit, which can pay a tax free lump sum and/or a longer term income, to an employee's family and dependants if they should die in service. GLA is sometimes referred to as Group Life Insurance, though the industry prefers to use the term Assurance rather than Insurance. They are the same product."

 

Q: WHAT ARE THE BENEFITS OF OFFERING GROUP LIFE INSURANCE?

A: Offering life assurance to an employee demonstrates a paternal approach as this benefit will help the member’s family/dependants financially if the member should die whilst in service.

 

Q: WHY CHOOSE ELECT TO PROVIDE LIFE INSURANCE FOR YOUR EMPLOYEES

A: Elect offer straightforward solutions with no hidden costs. Our insurance partners provide flexible solutions and competitive prices and with streamlined administration we can help take the pressure off, allowing you to give your employees a benefit they are sure to value.

 

Q: WHAT ARE THE TAX IMPLICATIONS OF A GROUP LIFE ASSURANCE SCHEME?

A: In order to provide your employee's dependants with a tax free lump sum and premiums are deductible as a business expense. It is important that stringent rules are followed when setting up a GLA scheme, whether Registered or Excepted. We can help you through the required processes to ensure that your employee's loved ones get financial support in their time of need.

 

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