Most companies these days provide some form of Life Assurance cover for
their staff. After all, if somebody on your staff dies leaving a spouse and
dependent children without an income, many people feel that the employer has
a moral obligation to help.
Group Life Assurance Scheme falls between 2 and 4 times salary lump sum
on death is really a very inexpensive benefit for your staff. It shows
that you care and helps families out of a sticky situation.
However, since April 2006, the maximum cover available will be £1.5 million (less the value of your other pension funds). This money can be held outside your estate in a trust, and will escape inheritance tax if you die.
For advice on how to best arrange your emplyment benefits please
contact us
.
For employers, it means that certain underwriting limits apply, whereby
if you have a large number of staff you may be able to insure yourself as
part of the scheme, even if you have medical problems, so giving them a
benefit, they also give you a benefit indirectly.
Please
contact us
for further information.
