Is group life really that expensive?

A young man and woman, wearing glasses, looking at an open laptop

Group life insurance and price. It’s the most common pushback I’ve heard from prospective clients during my 17 years in group protection. Obviously price is a top priority for businesses; they want to keep costs down. But do they assume a group life policy will be more expensive than it actually is?

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Author: Dave Wheatley, Head of Regional Accounts, Group Protection.

The earlier, the better

When it comes to price, evidence is key. Case studies are a great way to show prospective clients just how reasonable group life cover can be. But all businesses are different – butchers, bakers, candlestick makers – your case studies might not fit. And they could be for a totally different number of lives.

Most insurers have online quoting platforms. Great. But these need membership data, absentee data, amongst a number of other things. By the time you get all the information the enquiry could have fizzled out. They also don’t provide a quote there and then. And that’s often what your clients are after.

You can break down this barrier by using our group life calculator. It’s designed to give your clients with schemes up to 200 lives an estimated cost in seconds. All you need is the employer name, industry type, location in the UK and number of lives. Hit ‘show results’ and you’ve got a rough price to keep the conversation going.

Value for money

By using our calculator you'll get a rough annual premium for your clients, and it's often cheaper than people expect.

But not only do your clients get a nice surprise in terms of cost, their people will also get access to our award-winning Smart Health for free. It offers your clients unlimited access to online, telephone and video GP appointments, as well as a range of health and wellbeing services. 

The services are also available to partners and any children up to the age of 21. These are great support services and push the boundaries from a traditional bereavement and probate support. And it’s worth noting we offer these on top of Smart Health.

When talking cost, tie in value added services. They give your clients’ people real-life benefits that they can use from day one. And it benefits their business too.

Finally consider cost vs impact. Bring Smart Health services to life; how valuable they could be in a time of need for an employee or one of their family. All within the cost of a group life product.

If you want to talk more about overcoming client objections that group life is too expensive, get in touch by emailing or calling us on 020 3003 6262. Good luck and I look forward to seeing more new clients in the group life market in the near future!

Smart Health is provided to AIG Life Limited customers by Teladoc Health. We want to let you know that these services are non-contractual, which means they don’t form part of the insurance contract with us. If our partnership with Teladoc Health ends, these services could be changed or withdrawn in the future.