Life can be unpredictable for businesses and people - so how would you cope with the death of a colleague?

The peace of mind of knowing that loved ones will be provided for in the event of an untimely death is one of the simplest, but most valued employee benefits that a company can offer its staff.

LifeSearch is able to put in place an employee benefits package that offers a recognised and cost effective way of providing financial help and reassurance to an employee's dependents if the worst was to happen.

Benefits to the employer:
  • Benefits available from less than 1% of payroll
  • Offset premiums against profits for tax purposes
  • Dependant on scheme choices, premiums might also qualify for tax relief
  • No lengthy medical underwriting required
  • Helps to recruit talent and retain your best employees
  • 3 or more people can be covered
Benefits to the employee:
  • Peace of mind for them and their loved ones
  • Employers pay the premiums
  • Not classed as a benefit in kind for most options
  • Claim payments are quickly passed onto employee or family
  • It shows that the business recognises their values and cares.


Example Costings

Employer looking to protect 15 employees

  • Group Life Protection

    4 x Annual Salary, available immediately on employment

    £480 per year

  • Group Income Protection

    50% of basic salary, paid for 2 years, after 13 weeks

    £480 per year


Employer looking to protect 50 employees

  • Group Life Protection

    4 x Annual Salary, available immediately on emplyment

    £1,560 per year

  • Group Income Protection

    50% of basic salary, paid for 2 years, after 13 weeks

    £1,215 per year


Employer looking to protect 100 employees

  • Group Life Protection

    4 x Annual Salary, available immediately on employment

    £3,120 per year

  • Group Income Protection

    50% of basic salary, paid for 2 years, after 13 weeks

    £2,430 per year


Assumptions: Nationwide business in finance sector, where the average age is 30 years old and the average salary is £30,000, where LifeSearch take a 10% commission and all cover finishes at the statutory retirement age or 65. For Group Life, available immediately on employment. For Income Protection there is no deduction for state benefits, the escalation rate is 0% and the deferred period is 13 weeks.



Some of the numbers:

  • One in three employees have no form of cover
  • The average cost of absence is £609 per employee per year
  • On average, 6.6 working days per employee per year are lost due to sickness absence
  • One fifth of absences are long term (lasting at least 4 weeks)