The object of a Group Life Scheme is to enhance "Death in Service" benefits which would be available to the member’s next of kin on death of the member. By contributing to this scheme, members have the opportunity to provide a guaranteed additional payment in the event of death in service.
Individual members can join the scheme by completing the application form available from either Marsh or their Union or Employer's website. Entry to the plan may be subject to medical underwriting.
Benefits and Costs of a Group Life Scheme
The cost of a Group Life Scheme can be calculated either as a percentage of salary or as a set amount per week deducted at source by your employer. Benefits available to members can vary depending on their Union or Employer. Tax relief on contributions attaching to a Group Life Scheme are plan-dependent.
More Information
Contact Marsh to receive independent, expert advice on Group Life Schemes. Call today on freephone 1800 781 781.
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