Group Life Assurance
Businesses today operate in a much more competitive environment and are increasingly under pressure to perform. Recruitment and retention of good staff is essential to business growth and a fundamental issue for most employers.
No longer are annual salary and a company car the prime consideration for good quality staff. More and more, potential employees take account of the overall benefits package on offer, including Pensions, Healthcare and Life Assurance benefits.
A comprehensive benefits package can be a useful aid to staff recruitment and retention, and in this respect, Group Life Assurance Cover, (also known as death in service cover), can be a valuable and cost effective component part of this package.
Group life assurance cover is usually designed to pay a lump sum benefit on the death of an employee of the sponsoring employer.
Suitable schemes can benefit from the following tax privileges: -
- Premiums paid for the scheme by the employer are treated as a trading expense for the purpose of corporation tax relief.
- The premiums paid by the employer are not treated as a taxable benefit on the employee, and do not attract any additional National Insurance liability on either the employee or the employer.
- Lump sums paid on death will normally be free of any inheritance tax.
There are many schemes available in the UK market place and it is therefore important to seek independent financial advice in this area.
We can tailor a scheme to fit both your specific requirements and budget.
Please contact us for a free quotation, without obligation.
