Employee Life Assurance

EmployeesPerhaps the most appreciated yet the cheapest benefit which an employer can provide for his employees is Life Assurance. A Group Life Assurance policy will normally provide employees with a death benefit of a multiple of salary, 4 times is the traditional amount. This is paid for by the employer and in most cases the benefit can be passed to the family free of Inheritance Tax so long as the correct nomination process is in place

Nicholls Stevens have been advising companies on Group Life Schemes for many years. The key to the schemes is that the majority of the employees can be covered without any medical evidence, this means that someone who would not be able to get life assurance if they applied directly, or could only obtain the cover at an increased cost, can be included in the scheme automatically so long as she or he is at work when the scheme starts or at renewal date. Nicholls Stevens are able to search the market for competitive premiums but also competitive non medical limits. Getting a high non medical limit is often of importance to the company because it means that they can obtain a high level of cover on a Chief Executive or key employee without medical examinations

There are many factors which the Insurance Company take into account such as the geographical situation of the firm, the type of work and past claims experience. Nicholls Stevens have the knowledge to deal with these complex factors and find a suitable Provider for each company

Premium ratesĀ  per capita are usually held for two years but it is vital for schemes to be regularly reviewed because Insurance Companies come in and out of the market

If you send us your renewal data, we are happy to do a search of the market for you to see if we can obtain more competitive rates