Group life insurance is a benefit extended to employees of an organization who are insured for the period they are employed. There are several options available under Group Life customized for specific needs:-

1. Group Life Assurance – This policy covers an Employee in the event of death of the Employee during service with the Employer. It offers certain benefits to the employer and employee respectively.

Benefits To The Employer

• Delivers financial certainty as the risk is transferred to the insurer
• It is a driver in attracting and retaining top talent due to improved benefits
• It is key in ensuring employee satisfaction and job morale.

Benefits To Employees

• Members can access funds to pay for medical expenses for some critical conditions.
• Dependents can access funds to pay school fees and education related expenses in event of untimely death of the employee.
• The family of the deceased member can also use funds in the policy to clear loans, pay deposits for car, house etc.
• A member can also use the funds to purchase mobility aids such as wheel chairs, artificial limbs etc. in case of disability.

2. Group Credit Life Assurance – This is a loan protection policy cover for a financier for the amount of loan outstanding insuring the borrower till the facility is repaid.

3. Group Mortgage Protector – This is a subset of the credit life assurance, catering specifically for mortgage loans. The Policy provides cover to a Financier for the amount of loan outstanding from year to year, insuring against death or total disablement.

4. Group Last expense – This is an optional funeral expense benefit of a selected amount that can be taken solely or as part of the Group Life cover. This policy also allows for family members of staff to be covered at a minimal cost.