Group Life Insurance
About Group Life Insurance
Group life cover is long-termed insurance, also known as death in service benefit, which an employer provides to their staff. It is set up by your employer to cover you while you are employed within their organization.
How it works
If you die, death in service benefit pays out a lump sum to your family or next of kin as required by law (Pensions Act of 2004). For your family to receive death in service benefits, you must be employed with your organization at the time of your death. This type of life cover usually runs until your normal retirement age. If you take time out from your career or leave the company for any reason you will no longer be covered.
Who purchases this cover?
Group life is purchased by your employer. The organization pays the premium and agrees on the level of cover with the insurance company. Death in benefit schemes is mandated to be purchased for organizations hiring over 5 employees. Speak with your employer or your HR representative to find out what your group life scheme covers.
Why Group Life Insurance?
Great companies know people are their greatest assets and our product help ensure you meet their needs. Allowing you attract and keep the best people.