Group Life Insurance

Group Life Insurance provides money to an employee’s family in the event of their death, helping to ease financial pressures in an extremely difficult time. 

The benefits can be paid as a lump sum, pension, or both - depending on your needs. If your client is an employer, group life cover is one of the most important insurance products they can have.*

*We can provide group life insurance for registered and excepted schemes.

AIG Group Life Insurance product features

  • Competitive pricing
  • A wide range of cover options
  • Straightforward online setup and administration
  • Flexible benefits available
  • Registered master trust available
  • Excepted life trust available
  • Bereavement support and probate helpline

Cover options

  • Available for three employees or more, with no maximum
  • Insured as a lump sum or death-in-service pension
  • Cover available up to age 75
  • Accurate premium calculations - no averaging
  • Up to 20x salary available, or any fixed benefit amount
  • Premium rates are guaranteed for two years
  • Straightforward individual assessment completed online
  • Set up as a registered or excepted scheme
  • Automatic acceptance limit for schemes with five or more employees

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Master Trust 

Maintaining a group life trust and acting as trustees in the event of an employee’s death can be daunting. That’s where professional trustees PTL come in.

For registered group life assurance schemes this is a single trust which is set up and administered by professional trustees, PTL. Either new or existing schemes can opt to join the trust at no extra cost. Employers do not need to maintain their own trust or act as trustees in the event of a death, this is done by PTL.   

  • There’s no need to wait for HMRC registration
  • There’s no need to set up a trustee bank account
  • There’s no need for an employer to act as trustees
  • Schemes can go on-risk quicker, with no extra forms required
  • Trust deed and rules are kept up to date

Excepted Life Trust

Whether your clients are new or existing excepted group life policyholders, the excepted life trust is available to them at no extra cost.

With this service, your clients can be sure their trust deed is properly worded and that professional trustees will be on hand if a death happens (provided by PTL).

This helps to speed up beneficiary payments.

The benefits of Excepted Life Trusts are quicker payments to beneficiaries, less administration, and reduced legal and tax risks

How your clients can establish an Excepted Life Trust

For a new policy:
  1. Download the excepted life trust deed.
  2. Open the PDF and complete the grey fields in the document (REGNUMBER is the Companies House registration number for the company).
  3. Indicate the date you wish to start the new trust in the grey date field ‘StartDateofPolicy’ (the trust can’t be backdated, so please use a date in the future).
  4. Save the PDF, print and sign it.
  5. Scan the signed document and email it to groupclientservice@aiglife.co.uk with your policy number.

 

For an existing policy:
  1. Download the excepted life trust deed.
  2. Open the PDF and complete the grey fields in the document (REGNUMBER is the Companies House registration number for the company).
  3. Indicate the date you wish to start the new trust in the grey date field ‘StartDateofPolicy’ (the trust can’t be backdated, so please use a date in the future).
  4. Save the PDF, print and sign it.
  5. Scan the signed document and email it to groupclientservice@aiglife.co.uk with your policy number.

 

How to complete the Excepted Group Life trust document

We’ve put together a guide to help you complete the document

Read more

Two children painting with their hands

Bereavement Support

We understand that people need more than just financial security when times are tough. This service offers all Group Life clients and their employees 24/7 access to a completely confidential bereavement helpline and up to four sessions of face to face or telephone counselling. It’s designed to support employees following the loss of a loved one, whether that be through developing support strategies, clinical counselling, a referral to a therapy group or providing a dedicated listening service.

We’re also proud to work with Winston’s Wish - the leading UK charity helping bereaved children get the specialist help they need when coping with grief.

Find out more

Probate Helpline

Our free-to-use probate helpline can help employees and their families understand the process for obtaining probate following a bereavement. Employees have unlimited access to the telephone helpline, available Monday to Friday 9am-5pm, to provide them with support and guidance to navigate the potentially tricky legal, financial and tax issues resulting from a death.

Learn more

Smart Health

From on-demand consultations with UK based GPs, to expert case management service with the world’s top medical specialists, our Smart Health service is a convenient way to connect your employees to tools that help manage their health and wellbeing from anywhere in the world, 24/7.

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Literature and support materials

Registered Group Life - Technical guide

An overview of the Registered Group Life policy. Policy aims, how it works, what is covered and premiums charged.

Download Updated 22 Jul 19
Excepted Group Life - Technical guide

This guide is a comprehensive overview of our Excepted Group Life product.

Master Trust deed

A document about AIG Group Protection Master Trust deed.

Download Updated 31 Mar 19
Master Trust FAQs

This document provides a list of questions and answers about trusts.

Download Updated 31 Mar 19

Blogs

Give your trust arrangements an MOT

It’s important to be prepared at claim stage in order to speed up the process...