Group life insurance is a single contract that covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organisation, and the policy covers the employees or members of the group.
Scope of Cover
- Death by natural causes
- Death by accidental causes
Benefits
- At the death of any of the employees under cover, an assured sum of a minimum of three times annual emoluments would be paid to the dependents.
- Providing their dependents with a tax fee lump sum in the event of your employee’s death can play a major role in helping you to attract & retain good quality staff
- The Group Life certificate is usually required when bidding for Government accounts by businesses.
How does it work?
- Group life Assurance is set up as a single scheme that covers a group of employees within a business or any form of non-profit organization.
- The policy is kept in force by remittance of an annual premium. It covers members between 18 and 60 years of age.
- Group life insurance pays out a lump sum death benefit to employees’ family or next of kin should that individual die whilst working for the organization.
- With death in service benefit the employee must be employed by the organization still at the time of their death for the benefit to pay out.
- Death in service schemes usually run until the employee’s normal retirement age.
- If an employee takes time out from their career or leaves the company for any reason they will no longer be covered.
- We can substitute the employee that leave the company with the new entrant by prorating the used premium or when there is no new entrant the balance premium would be returned.
- It covers members between 18 and 60 years of age.
Group Life for who?
- Corporate organizations
- Associations
- Clubs
- Government Bodies &
- Parastatals
- Non-profit organizations
Basic Underwriting Requirements
- Name of Staff
- Date of Birth
- Total Annual
- Emolument