Life Insurance can help in the event a member of your business passes away or becomes terminally ill. The main benefit of this cover is that it helps employees' families fulfill financial obligations which they would otherwise likely struggle with, due to no longer having the main provider there to help.
In this way Life Insurance is one of the most important group offerings, as it highlights for an employee that their family would be looked after and supported should they no longer be there themself. These payments are normally made in a lump sum upon the covered employee passing away and can then be utilised by their family for a variety of commitments.
Some examples of what this payment can be used for include the following:
- Paying for immediate care in the case of terminal illness
- Reducing or eliminating mortgage commitments
- Eliminating personal debt
- Providing an advanced payment to cover funeral expenses, or to fund your employees family's future lifestyle
Do you think you require this protection? Click on the below link to complete our self-assessment: