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How does this policy work?

Any death is tragic, but the loss of someone who supported their family financially can have serious financial implications for these dependants. With our Group Life cover in place, you’ll find that we can help your business as well as providing these dependants with some sort of protection.

It's important to make sure your Group Life cover is not only able to deal with claims efficiently and effectively, pay them promptly, and offer practical assistance, but is also administered properly right from the start. That means minimising disruption to your business, and letting your employees know how valuable this peace of mind will be...

You’ll choose options that suit your business…
  • Our flexible options aim to meet your needs and your budget. And under current UK tax laws, Group Life polices can be tax efficient.
  • You can decide the level of benefits to be provided. These levels can vary across your business so, for example, you could set a higher level of cover for Directors or senior staff. The amount of cover can be based on a lump sum or a fixed multiple of the employee’s salary. The benefit basis and terms must be the same for every individual in different category levels.
  • You can choose whether to include a dependant’s or children’s pension option. If you include this option, then the deceased’s dependant and/or children can receive a pension based on the employee’s own pension or their salary.
  • We’ll work with you to find out which level of underwriting your business needs, then carry it out as efficiently as possible. Above our free cover limit, in the majority of cases, medical underwriting only takes place once avoiding any ongoing intrusion or administration for you.
… and you can all rely on us for support if a claim is made…
  • Once a claim is accepted, we’ll pay the agreed sum to the scheme’s Trustees in the event of a member's death.
  • Our online claims system will help things run smoothly, helping to ensure the claim is paid promptly and the necessary administration is kept to a minimum.
  • Lump sums do not form part of the deceased’s estate, so they are normally free of inheritance tax. This means that they can be paid immediately, so funds could be available to help families cope with a difficult period of transition.
  • Under current legislation, lump sums are usually tax-free. (Beneficiaries may be liable to a Lifetime Allowance Charge if the payment, when aggregated with the value of benefits the member has taken from other Registered Schemes, exceeds the member’s Lifetime Allowance).
  • We’ll provide expert guidance and support through our bereavement helpline – for as long as necessary. That could be immediately following bereavement or many months or even years afterwards. We can help your employees and their families cope with loss, and provide the support they need to get through the difficulties they may face as a result. Depending on individual circumstances we can also arrange referrals to specialist organisations for further support.
  • Any pension benefit can normally be paid direct to the member’s dependants. Pension payments have tax deducted as earned income, in accordance with HM Revenue & Customs requirements. Tax rules may change in the future.

If there’s anything else you’d like to know about how this policy works, or if there’s anything that you’d like us to explain in more detail, don’t hesitate to contact us.

WC00506 12/2013

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0845 300 4452

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