The amount of money stipulated in a group life insurance policy to be paid out if an employee dies.
A collection of benefits and perks offered by employers to attract and retain staff.
A person or business who arranges insurance cover with insurance providers on behalf of their customers.
Business or corporate trust
A trust set up and run by a business to manage and administer an employee trust. For more information, see our Considerations for Employers when Setting Up a Group Life Insurance Scheme section.
A request for a pay out under a group life insurance policy when an employee dies.
The total value of the deceased's assets including legal rights, interests and entitlements to property of any kind - less all liabilities and debts such as funeral expenses.
A perk given to employees which is not related to their salary.
Group life insurance
An insurance policy taken out by an employer. It provides a lump sum payment if an employee dies while working for the employer. For more information, see our What is Group Life Insurance? Guide
The price paid for an insurance policy.
Level of cover
The amount of benefit that will be paid out under the policy.
Lifetime tax allowance
The total amount you are allowed in all of your registered pensions schemes before you have to start paying tax on them.
A one-off payment made to the policy under a group life insurance policy when an employee dies.
A trust set up and run by a third party to manage and administer an employee trust. For more information, see our Considerations for Employers when Setting Up a Group Life Insurance Scheme section.
Nominee or Nominated person
The person chosen by an employee to receive a lump-sum payment under a group life insurance policy, in the event of an employee's death. The scheme Trustees will take this nomination into account when paying out a claim.
The employer who takes out group life insurance as a benefit for their staff.
Factors insurers look at to decide how much to charge for an insurance policy, such as postcode, and the industry a company works in.
Small to Medium Enterprise - generally a small or medium sized business.
A way of making pay-outs under a group life insurance policy under a group life insurance policy straight to a nominated person (beneficiary), rather than to a deceased's estate. This usually means inheritance tax is not payable on the money. For more information, see our Considerations for Employers when Setting Up a Group Life Insurance Scheme section.
A person who is responsible for making decisions and administering a trust for the benefit of its beneficiaries.