Group Life Insurance

Find the affordable life cover that could give your staff peace of mind and play a key role in helping you attract and retain the best talent.

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When it comes to employee benefits, a group life insurance arrangement is one of the basic building blocks.  It’s where many businesses start and it is an ideal compliment to a workplace pension.

In most cases, group life insurance is designed to provide a lump sum payment to an employee's family in the event they die while employed by the company. 

Attract and retain the best people

Group life insurance is a relatively low cost way to make a big difference to employee satisfaction and can help make it easier to attract and retain staff.

The group approach is essentially the same as buying in bulk, so the cost per employee is typically lower than if they were to buy the same benefits themselves.  As a result, the perceived value of the benefit it often higher than the actual cost to the business.

Why arrange group life insurance through Stonebridge?

At Stonebridge, we have significant experience in arranging employee benefits schemes for businesses across many industries and of all shapes and sizes. When it comes to group life cover, we can help you to ensure it is:

  • Affordable: Providing a £100,000 benefit can cost as little as £100 a year per employee.
  • Backed by additional support services: We can arrange cover that includes extra benefits like bereavement counselling.
  • Easy to set up: For instance, in most cases employees won't need to answer any medical questions before they are covered.
  • Simple to administer: You only need tell the insurer who is covered under the policy a few times a year
  • Tax efficient: We'll work with you to identify the most tax efficient way to set up your group life cover, whether that means you pay the premiums or employees do so through the


Related FAQs

See all FAQs

How much cover would be needed for keyman insurance?

This would depend on your specific business needs which we would discuss together. This could be a multiple of profits, a multiple of salary or turnover. Your accountant would be able to provide this information to you.

How do I know how much shareholder cover is needed?

We recommend you speak to your accountant who will help to establish the value of the business. The amount of cover should equal the market value of each owner’s share of the business.

What is keyman insurance?

It is a life insurance where critical illness cover can also be included to protect your business against the loss of profit should a key employee pass away or be diagnosed with a critical illness. You can also protect against the loss of a key employee to protect a debt, and it could also help towards the costs of employing and training new personnel.

Who could be classed as a key employee?

Key employees can be regarded as individuals whose knowledge, skills, experience, key relationships or leadership are very important to a business’ future financial success. These can be a senior manager, top sales person, technical specialist, business founder.

What is shareholder protection?

Shareholder protection is a life or life and critical illness policy that will pay out a lump sum that the remaining shareholders use to purchase the deceased shareholders shares from their estate.

Who should consider a relevant life policy?

Directors could take out the cover to provide a ‘death in service’ benefit, without having to take out a scheme to cover all employees. It helps to retain employees and ensure should the worst happen, their loved ones are financially cared for.

What is a relevant life policy?

It is a term assurance available for employers to provide employees with a ‘death in service’ benefit. It provides a lump sum payment on death and there can be many tax advantages to both the employer and employee for this type of policy.

What are the benefits of a relevant life policy?

No National Insurance contributions on premiums and corporate tax relief for the business itself. For their employee there will be no National Insurance contributions on premiums or benefits. The benefits are not taxed as a benefit in kind and importantly the benefits do not count towards annual or lifetime allowances tax benefits.

Who can take out a relevant life policy?

UK resident businesses. These businesses can be a limited companies, a limited liability partnership or sole trader. Company directors can take out cover with the limited company paying for this.

How much does keyman cover cost?

The cost would be dependent on the amount and term of the cover, age, smoking status. Please contact us for a personalised quote.

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