Group Life Assurance Cover

Group Life Cover is life assurance provided by a company for its employees (the premiums are paid by the employer). It provides a lump sum on the death of a member of a scheme. The lump sum is paid to trustees who pay the beneficiary and is not subject to income tax.

Irish Life Corporate Business's strengths in Group Life Assurance Cover

• We are the market leader with a market share of approx. 50% for life assurance cover.
• In 2006 Irish Life Corporate Business paid out approx. €51m in claims under Group Life Assurance contracts.
• We offer very competitive rates and have done so for over 20 years.
• To support our position as market leader we employ over 65 staff who are fully dedicated to managing our risk portfolio.

Why would an employer set up Group Life Assurance Cover for their employees?

• An employer can write off the full cost of providing the benefits against corporation tax.
• It is an attractive benefit that the employer can offer current and future employees.
• The underwriting requirements for group life assurance cover are much less stringent than for individual life assurance cover. A non-medical limit is set based on the size of the group and the levels of cover. Any eligible member whose benefits are below this limit will not be underwritten. Irish Life Corporate Business's non-medical limits are very competitive.
• As life assurance cover is organised on a group basis, costs are significantly lower than equivalent individual life assurance cover.
• Administration for the employer (and broker) is much more straightforward than purchasing equivalent life assurance policies for each individual employee.

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