By Kate Palmer 4 September 2021.
Covid-related insurance payouts for group life policies were higher in the first half of 2021 than the whole of last year.
Group life cover, also known as a death in service benefit, is offered by many employers to their staff for as long as they are employed. It pays a lump sum to family members or next of kin if you die, based on a multiple of your salary.
Employers will pay the insurer to provide cover whereas if you take out an individual policy yourself you can decide on the level of cover, depending on how much you are willing to pay.
The industry body for the sector, Group Risk Development (Grid), said that payouts for Covid-19-related claims reached £125.6 million for the first...
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