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Actuarial Post - Misconception that Group Life Assurance does not pay out for death by suicide

Group Life Assurance (GLA) is the most commonly provided of the group risk protection products (employer-sponsored life assurance, income protection and critical illness). Contrary to widespread belief among employees and some employers, GLA does provide cover for death by suicide.

During Dying Matters week, 14 – 20 May 2018, GRiD, the industry body for the group risk protection sector, wants to address some of the wrongly held perceptions about GLA, in particular the view that someone’s family would not receive a pay-out should their loved one take their own life.

In the UK, around 6,000* people die by suicide each year, meaning a great number of families are left devastated by their loss. GLA not only helps families avoid financial hardship (the average pay-out for a GLA claim during 2017 was £113,479**) but it can also provide bereavement and other support.

By dispelling the myths around GLA and suicide, GRiD hopes that employers may see GLA as a more comprehensive product than they may have originally thought, and that more will consider offering the benefit to their staff.

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