Originally written by Partner Content on Small Business
A death-in-service benefit, which pays out a lump sum to family members if an employee dies suddenly, is the second-most-valued benefit after private medical insurance.
Thirty-seven per cent of employees say that group life insurance is one of the top three benefits they want from an employer.
Yet, according to insurance broker Drewberry, only 13.7pc of small businesses offer group life insurance to their employees.
>See also: Can you afford not to offer business medical cover to your staff?
For any small business thinking about expanding its employee-benefits package, a group life insurance scheme is the perfect complement to a workplace pension and is often the first building block.
For an employer, benefits of offering group life insurance include:
Attracting the best talent
Improving employee retention
Giving employees peace of mind
Being seen to be a paternal employer
Some policies also provide free access to Employee Assistance Programmes and other benefits, such as online GP services.
In a tight labour market – unemployment remains at or near record lows – recruiting and retaining employees is more important than ever.
>See also: What happens when a small business owner dies?
What is group life insurance?
Also known as death-in-service benefit, group life insurance insures staff against untimely death