At Hooray we pride ourselves in being whole of market insurance brokers. This means we’re not tied to one insurance company, ensuring you receive the best price when reviewing your policies.

In the United Kingdom most Group Life Insurance providers do not offer services directly to clients due to the complex nature of the schemes. Instead, you have to go through an insurance broker or financial adviser.

At Hooray Health & Protection, we don’t charge any fees for services (being paid commission from the insurers), so all our employee benefit reviews are completely free and completely with your best interests at heart!

We have listed all the Group Life Insurance Providers in the market as of 2024 and will update regularly for a simple go-to guide.

Looking for advice on how to support your workforce with a Group Life Insurance plan? Get in touch with our award-winning brokers on 01273 222805 or email [email protected].

AIG Group Life Insurance

American International Group or as they are more commonly known in the UK, ‘AIG’, are a global insurance company offering Group Life Insurance in the UK. In April 2024, its UK protection business was acquired by Aviva, but still operates under the AIG name.

Minimum employees:

3

Main Benefits:

• Registered and Excepted Master Trust options
• Cover up to 20 times salary allowed which is one of the highest available
• Smart Health support built in to provide their clients 24/7 unlimited access to support in the UK or abroad
• Competitive pricing
• Premium rates guaranteed for two years
• Straightforward online setup and administration

Important information:

AIG work differently to the rest of the market as they do not offer a unit rate but instead provide terms on a single premium costing basis. Remember to consider future hires when considering AIG for Group Life as can potentially be costly if hiring older staff members not included in the cost yet.

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AVIVA Group Life Insurance

Aviva is the UK’s largest insurance provider in the United Kingdom with their routes tracing back to 1696. Aviva have over 15 million clients in the UK and paid out £242 million in Group Life claims in 2021.

Minimum employees:

3

Main Benefits:

• Free cover limit (no need for medical information)
• Dependant pension option
• Partner cover option
• Counselling services provided by care service
• Excepted and Registered trust

Important information:

Aviva are one of the market leader insurers for Group Life Flexible benefits due to their strong digital offering. Their wellbeing services available with Group Life include:

• Aviva Digicare+ Workplace app
• Expert legal services and advice
• Aviva Line Manager Toolkit: Mental Health
• Stress Helpline
• Fitness discounts with ‘Get Active’

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Canada Life Group Life Insurance

Canada Life is part of the Power Financial Corporation Group and have roots in the UK dating back to 1903. Canada Life are the largest Group Life Insurance company in the United Kingdom.

Minimum employees:

2

Main Benefits:

• 24/7 support provided from their bereavement counselling helpline available staff and family via its ‘WeCare’ EAP
• Probate Helpline to support with family disputes / validity of wills / power of attorney / obtaining probate
• Choice of cover options: fixed amounts or multiples of salary
• Toothfairy™ the UK’s first health regulated, smart dental app providing instant access to advice, guidance, prescriptions
• myStrength mental wellbeing app providing staff access to hundreds of evidence-based activities e.g., guided meditation
• Bereavement Counselling helpline for employee’s family

Important information:

Canada Life we believe have become the largest Group Life provider in the UK due to their ‘CLASS’ system. Available to insurance brokers, it has been one of the easiest ways to access quotes as there is no underwriter required as well as offering generous free cover limits.

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Legal & General Group Life Insurance

Legal & General have been providing financial services in the UK for nearly 200 years with £1,159 billion in assets under management as of 2023. L&G’s stated values centre around improving lives of customers, building a better society, and creating value for shareholders across all business.

Minimum employees:

10

Main Benefits:

• Hassle-free Master Trusts
• Be Well hub
• Wellbeing Advisory Board for expert advice on health and wellbeing
• Bereavement counselling sessions for employee’s family
• Access to Employee Assistance Programme with Spectrum.Life
• Care Concierge to support elderly loved ones
• Access to discounts / offers on a range of Legal & General products

Important information:

Legal & General have historically focused on the large corporate space targeting just the large multinational clients. But recently they have upgraded their systems and we are now starting to see them heavily target the SME space for Group Life Insurance.

 

Seeking one-to-one advice tailored to your business? Call our friendly experts in Group Life Insurance on 01273 222805 or email [email protected]. We’ll be happy to provide bespoke quotes and answer all your queries.

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Lutine Group Life Insurance

Lutine specialises in providing Group Life policies to SMEs with less than 100 staff to cover. The company currently covers 30,000 individuals with its business protection products.

Lutine joined GRID (Group Risk Development) in  2022 to maximise its business protection offerings to UK firms and support services through its Employee Assistance Programme. As part of its membership to GRID, Lutine will gain access to additional resources including:

• GRID training academy
• Research
• Pan industry claims data
• Networking with industry leaders

Minimum employees:

3

Main Benefits:

• Option for lump-sum payment or a taxable pension payable to dependants

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MetLife Group Life Insurance

MetLife entered the UK Group Life Assurance market in 2007 with registered offices in London and Brighton. MetLife are one of the world’s largest group insurance providers operating for over 150 years making it a leading innovator and recognised leader in protection planning and retirement saving solutions around the world. Now operating in more than 40 countries!

Minimum employees:

3

Main Benefits:

• Access to market exclusive funeral planning and concierge service including will writing tips and a digital vault
• Up to 6 face-to-face bereavement counselling sessions
• 24-hour helpline providing practical guidance and emotional support e.g., how to register a death, obtaining a grant of probate
• GP24 digital healthcare service: 24/7 access to health experts, same-day GP access, unlimited consultations, open referrals, local prescription delivery, second medical opinions
• Employee Assistance Programme

Important information:

MetLife also offers Group Life policies for businesses covering less than 1000 employees with added bonus access to their Group Life Employee Assistance Programme. And at no additional cost! Employee’s loved ones and family members in the same household can also have access to MetLife’s EAP services.

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Pulse Group Life Insurance

Pulse Insurance specialises in helping groups who normally be declined by a typical life insurance provider. Pulse aim to find cover for people with serious medical conditions, those working in hazardous occupations and/or in dangerous environments or who enjoy high-risk leisure activities.

Minimum employees:

10 (but can sometimes provide for smaller groups too)

Main Benefits:

• Can cover groups based abroad, working in politically unstable areas or travelling widely
• Quote premiums insured in different currencies e.g., Sterling, US Dollars, Euro
• Provides cover for sports clubs, teams, and associations through its Sports & Leisure schemes division

Important information:

Pulse are a relatively new insurer to the market and joined the Group Risk Industry Development in 2020 to broaden their reach. It is a great opportunity to have an insurer who will cover adverse risks, but we will always ensure clients check all terms and conditions.

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Risk Assurance Management Group Life Insurance

Risk Assurance Management (RAM) is a Lloyds Cover holder registered since 2002, offering Group Life Insurance as part of Lloyds since 2007.

Minimum employees: 10

Main Benefits:

• Employee Assistance Programme for members and immediate family
• Security through Lloyd’s including the Lloyd’s Central Fund
• FREE Bereavement and Probate helpline service for members and family

Important information:

RAM has the benefit of being a Lloyds Cover holder for financial strength but again with all Lloyds Syndicates the T&C’s can be slightly different to the rest of the market.

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Unum Group Life Insurance

Unum are the largest Group Disability Insurance provider in the UK & USA with UK roots dating back to 1970. Unum insures more than 2 million lives under Unum UK policies and over £7 million in claims on average each week.

Minimum employees: 5

Main Benefits:

• Cancer Assist providing personalised guidance from cancer support experts Reframe
• Help@hand services including remote GPs, mental health support, Employee Assistance Programme, employee communications toolkit
• Unum Master Trust for hassle-free solutions
• Personal bereavement counselling
• Bereavement workshops with St Catherine’s Hospice to help line managers support bereaved employees

Important information:

Unum Group Life products offers options for all types of businesses.

• Registered Group Life: Insures registered pension schemes and allows different levels of benefit for employees.
• Simplicity Life: Offering a more basic version of the above.
• Excepted Group Life: Provides tax-free benefits, often used for higher earners. A lump-sum payout can be offered above the Lump Sum and Death Benefit Allowance.
• Spouse and partner cover: A lump-sum benefit to an employee if their spouse or partner passes away while insured. Typically a voluntary arrangement

Unum have made updates to its Group Life material due to the changes to the Lifetime Allowance effective from 6^th April 2024 onwards.

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YuLife Group Life Insurance

YuLife are one of the newer brands in the life insurance market combining its innovative app-based tech with insurance products underwritten by AIG and, more recently, MetLife.

Minimum employees: 2

Main Benefits:

• Up to 20x salary cover for staff
• Employee Assistance Programme including mental health, financial and bereavement support
• Doctor on Demand services with access to 24/7 virtual GP and prescriptions for staff and family
• YuLife app offering wellness challenges, virtual GP, mental health support, financial protection, rewards for activities e.g., walking, meditation, cycling

Important information:

When considering prices and comparing YuLife, consider the rewards your employees can make monthly through engaging with the app.

YuLife’s approach:

• App: reward and motivate staff with small steps to healthier living
• Rewards: convert currency earned with walks, workouts, cycling, meditation into tree planting, ocean cleaning, groceries, vouchers
• Wellbeing hub: streamline benefits and perks in one place
• Reporting: Engagement insights, ESG, social impact results, management and enrolment

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Zurich Group Life Insurance

Zurich has its main HQ in Switzerland where it was founded in 1872. Zurich Corporate Risk is one of the market-leading Group Risk providers in the UK, providing cover for more than 3,500 schemes.

Zurich’s size and capabilities allow them to provide cover to some of the largest employers in the UK.

Minimum employees:

20

Main Benefits:

• A fast, paperless claims service
• Aim to process claims 48 hours
• If forward underwriting applies, it usually means there will be no further medical enquiries until member’s benefit exceeds £5,000,000
• Access to extra wellbeing services such as rehabilitation support, 24/7 virtual GP, Employee Assistance Programme, and bereavement and probate support

Important information:

Zurich are extremely competitive in the mid to large corporate space for Group Life Insurance but can be slightly more expensive for SME clients.

Zurich has a wide global reach with the Zurich Group hiring around 56,000 employees providing services in more than 210 countries and territories.

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Need extra support with Group Life Insurance?

As you can see from this guide, Group Life options are plentiful and you can be rest-assured there’s an ideal plan out there for you.

Our crack team of friendly experts at Hooray Health & Protection can make the journey to your perfect plan a little bit smoother.

Hooray offers free professional advice to businesses seeking employee benefits and health & protection policies. Our friendly award-winning team of experts take the time to listen to your queries and ensure your specific needs are met.

Before deciding on your next options, please call our team on 01273 222805 or email [email protected] for the most competitive quotes and FREE expert advice.