CompanyPMI

Death in service benefit

Group Life Assurance

One of the most valued employee benefits available — and one of the most cost-effective. Give your employees the reassurance that their family will be provided for.

What it is

A lump sum for an employee's family, if the worst happens.

Group Life Assurance — also known as death in service — pays a tax-free lump sum to an employee's nominated beneficiaries if they die while employed by your business. The benefit is typically expressed as a multiple of salary, commonly two to four times annual earnings.

For employees, it provides genuine peace of mind. For businesses, it's one of the most cost-effective benefits available — group premiums are considerably lower than the equivalent individual cover, and for most businesses the cost is minimal relative to total payroll.

Payments are usually made through a discretionary trust, keeping the benefit outside of the employee's estate and ensuring it reaches the right people quickly, without the delays of probate.

Who it's for

Available from small businesses upwards.

Group life assurance is available to businesses with as few as two employees. Premiums are based on the aggregate insured sum and the age profile of your workforce.

  • Businesses wanting to provide meaningful financial security to employees' families
  • Companies building a benefits package to compete for and retain talent
  • Employers looking for a low-cost, high-perceived-value benefit
  • Businesses replacing or reviewing an existing group life scheme
  • Directors seeking to include themselves and key staff in a group arrangement

Why use a broker

The right terms, from every insurer in the market.

Group life assurance is relatively straightforward as a product, but the terms, exclusions, and premiums vary significantly between insurers. Using a whole-of-market broker like CompanyPMI means you see every available option — not just the products of the insurer you happened to call first.

We handle the entire process: market research, recommendation, placement, and ongoing management. At renewal we go back to market on your behalf to make sure the terms remain competitive. Our service costs your business nothing.

Arrange group life assurance for your team.

Tell us about your business and we'll search the whole market to find the right policy at the best price.

Get a quote