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Life Assurance

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Highly valued by employees. Group Life Assurance cover is a cost-effective, low-maintenance option for employers looking to put life assurance in place for their staff.

Group Life Assurance benefits generally refer to one or more of the following: 

  • Life assurance
  • Spouse's pension
  • Dependent's pension
  • Return of personal contributions, as provided by a pension scheme, on a member's death in service before retirement.

The most common of these benefits provided by employers is life cover, explained in the table below.

Common features of Group Life Assurance
Employee benefit
  • Lump sum to estate on death, usually as a multiple of salary
Corporation taxation
  • Full corporation tax deduction for company
Employee taxation
  • Not a taxable benefit in kind;
  • Death benefits also paid free of tax
Free cover limits
  • Medical application and underwriting not required within free cover limits.
  • Thus cover can be provided for individuals who may find it difficult to buy on an individual basis.
  • Scheme administration is also simple, with annual return to the provider
Premium rates
  • The premium cost per employee will normally be well below the individual cost of providing the same benefit from taxed income

Simple and straightforward

Offering significant savings when compared to individual life assurance, as well as eligibility for tax relief for the employer, Group Life Assurance schemes generally involve simple underwriting and little paperwork – saving time and effort.

With Aspira's help, you can find the scheme that offers you best value, through careful market research. We can also advise you on how to include additional cover as part of your flexible benefits scheme.