Group Life Insurance

Group Life Insurance is a type of employee benefit that is provided by your employer. If it’s something your employer offers, it means the business will pay out a lump sum amount of money if you were to pass away while employed by them.

It’s important to note that your passing doesn’t have to occur when you’re physically at work, or engaged in a work activity. It simply means if you are on the company’s payroll, you will have Life Insurance in place.

Death in service policies are taken out and paid for by your employer. It’s not a legal requirement for employers to offer it, so not all businesses will provide cover.

Typically, the pay-out will be paid into Master Trust, and the Trustees of the Master Trust will distribute the money. It’s important to fill out and Expression of Wish Form to guide the Trustees if you have particular requirements.

The policy is usually based on a multiple of your salary, but the amount can vary.