The insurance provider will calculate the premium based on several factors related to the insured individual such as lifestyle, age, health, and role within the business. A regular monthly or annual premium will be paid by the employer for the duration of the term, and the payout amount is normally based on the employee’s salary. If the insured staff dies during the policy term, a tax-free lump sum payment will be made to their beneficiaries. The payout amount depends on the type of policy the employer took out. Providers offer different levels of cover and terms, depending on what you require.
Relevant Life Insurance
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