11 January 2022
How a Group Life Assurance policy could benefit your business
Following the pandemic, ABC Print Ltd* decided to review the way in which they reward, retain and protect their employees. They decided they wanted to implement a policy that would provide a lump sum benefit in the event of the death of an employee.
Traditionally these schemes were called Death in Service, but more recently they’ve become known as Group Life Assurance (GLA). GLA policies cover your employees for a multiple of their salary or a fixed lump sum in the event of death, however that occurs and whether it is in the workplace, or in their free time.
ABC Print Ltd has a mixed age demographic from 19 to 56, with 15 employees total. They want to provide the three directors with cover for 4x their basic annual salary, with all other employees receiving 2x salary. This equates to a total benefit insured of just over £1m.
The BPIF’s appointed broker, Aston Lark, has a small scheme arrangement with AIG Life which provides SMEs with access to competitive premiums, usually only reserved for much larger entities. For the above benefit design AIG have quoted ABC Print Ltd a premium of £1,500 per annum. This equates to a cost of just £100 per employee, per year, to provide such a valuable benefit.
Aston Lark’s arrangement with AIG Life also guarantees any scheme over three lives will have a Non-Medical Limit (NML) of at least £500,000. This means that absolutely no medical underwriting would be needed for benefits up to this amount, so cover is instant upon joining the scheme. Schemes are written in trust so any lump sum payment would be paid tax- free to the deceased’s nominated beneficiaries.
*Whilst this is a fictional case, all data and premiums are based on real terms received from AIG Life*
Find out more
The British insurance market confirmed early during the pandemic that Covid-19 would be covered under GLA schemes. This remains the case, providing an employee isn’t already absent through Covid when the scheme incepts.
If you’re interested in obtaining a personalised quote for this valuable benefit, or already have Group Life Assurance, Aston Lark is able to provide terms or review your current package to ensure your premiums remain competitive and levels of cover sufficient.
Contact the designated BPIF contact, Daniel Frankland, on 0207 543 2833 or email at [email protected]
1 December 2021
This report, developed by WARC in association with Royal Mail Marketreach, is an analysis of successful UK case studies that use direct mail, both as lead media and in the media mix. It takes a fresh look at what direct mail can offer in today's world, in the context of changing consumer behaviours post-Covid and technology innovations, and explores the best strategies for measuring the effectiveness of direct mail campaigns.
1 December 2021
Sappi and Kantar have surveyed more than 1,200 marketing specialists across Europe and the US - to bring you the key trends, insights and strategies you need as businesses head into the post-pandemic era.