Group Life
A Group Life policy is an annually renewable life assurance scheme set up by the employer, insuring the employees against the risk of death from illness or Accident, whilst in employment. It provides a lump-sum payment in the event of death due to any cause of an employee (while in service) anywhere in the world. It does not include retirees.
The cover is based on multiple of salary (e.g. 3,4 and 5 times annual salary). Cover can also be on fixed sum assured. All benefits are tax free and thus do not reduce the estate of the deceased.
You can a the following features to this insurance cover;
- Critical illness rider (Accelerated Life Benefit)
- Extension of death cover
- Group Last Expense
- Dependant Life Cover
- Passive War Rider
- Permanent and Total Disability
- Supplemental or Voluntary Life
- Free Cover Limit (FCL): Sum Assured for which no medical exam is required.
- Any Sum assured above the FCL will require the employee to present himself/herself for a medical examination. Liberty Life will write to those requiring medical exams and meet the costs.
