This product is designed to enable an Employer to provide a benefit to the surviving spouse/children/dependants for Employees that die -in- service.. The Group Life Assurance benefit is paid together with other pension benefits upon death of the member.
All full time permanent employees are eligible for participation. Contract workers are also eligible for cover
The employer will pay a premium for the provision of this benefit. The premium will be calculated as a percentage of the monthly salary bill
A lump sum payment is made out to the surviving spouse/children/dependants on death of the employee. The benefit is a multiple of member’s annual salary as at date death (eg 2 times annual salary). Employers are however free to choose the multiple that best suits their employees’ needs and this shall determine the cost of the benefit.