Spouse & Partner Life Insurance
What is Spouse & Partner Life Insurance?
Spouse and partner life insurance is a type of life insurance policy which provides coverage for the employee’s spouse or partner. In the event of the partner’s death, the policy pays out a lump sum to the employee, helping them manage the financial impact of the loss. This benefit is often offered as a supplementary option to the employee’s life insurance policy.
Benefits to Employer
Offering spouse and partner life insurance enhances a company’s overall benefits offering, showing a commitment to employees’ family and financial wellbeing. It can help employers differentiate themselves from competitors and increase employee loyalty and retention, as employees value benefits that provide security for their families. It is a relatively low-cost benefit that can have a high impact on employee satisfaction.
Benefits to Employee
Employees benefit from the peace of mind that comes with knowing they are financially protected in the event of their partner’s death. The lump sum payment can help cover unexpected expenses during a difficult time, such as funeral costs, debts, or day-to-day living expenses. Employees appreciate having access to affordable life insurance for their partner, which may be more cost-effective through an employer-provided scheme than purchasing an individual policy.
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Similar benefits
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