Life Assurance Clause (For An Employment Contract)
Publisher one
Genie AIJurisdiction
England and WalesCost
Free to useRelevant sectors
Type of legal document
🖋️ Life assurance agreementBusiness activity
Hire an employeeA life assurance agreement is a contract between an insurance company and an individual in which the insurer agrees to pay a sum of money to the individual's beneficiaries upon the individual's death. The agreement may also cover the payment of benefits in the event of the individual's disability or illness.
In the context of an employment agreement, this clause outlines the terms and conditions regarding the life assurance coverage provided by the employer to the employee. It defines the scope, eligibility criteria, and extent of the life assurance benefits available to the employee during their employment tenure.
The clause typically includes information such as the amount of life assurance coverage provided, any limitations or exclusions, the conditions for the employee's eligibility to receive this benefit, and the duration of coverage. It may also specify the terms of payment, beneficiaries, and any additional conditions or requirements that must be met to receive the benefit.
This clause serves various purposes, including protecting the employee's dependents or beneficiaries in the unfortunate event of their death while in service, providing monetary compensation to the employee's family, and offering financial security during challenging times.
By incorporating this legally binding clause into an employment contract, both the employer and the employee establish a clear understanding of the life assurance benefits and obligations. The presence of this clause ensures transparency, fairness, and compliance with UK employment law regarding life assurance coverage provided by an employer.
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