Group Life insurance
Supplement your savings with financial security in your working life
Group Life insurance
A group life insurance cover is relevant for you if you don’t have a pension scheme through your employer – or if you want to supplement your existing covers.
With a group life insurance cover, you get an insurance that provides you and your family with financial security during your working years. For example, you can secure a disbursement if you become long-term ill. You can also secure your family’s future in case you pass away before reaching state pension age.
As a customer in Velliv, you can set up a group life insurance
With a group life insurance, you'll get a cover that provides financial security for you and your family in the event of death or illness.
A group life cover is interesting if you don't have a pension scheme through your workplace that includes certain types of insurance, or you simply want to supplement your existing insurance covers.
Group life insurance is brokered by Velliv, but administered by Forenede Gruppeliv (referred to as 'FG'). FG is an administration company that manages group life insurances on behalf of its owner companies.
Establishment of a Group life insurance
To establish a group life cover, you must be a Velliv customer and meet one of the following criteria:
- Have a pension savings scheme without contributions (also known as a paid-up policy)
- Have a pension scheme with annual contributions of at least DKK 18,000
- Be covered by a mandatory pension scheme through your employer
Insurance covers and prices
To make it easy for you, we have pre-defined some standard options of cover that you need to choose from. These cannot be changed, but you can combine standard options of cover to suit your needs.
In the table below, you can see the insurance covers and prices:
| Group | Death | Price | Reduced earning capacity (lump sum) | Price | Critical Illness | Price |
|---|---|---|---|---|---|---|
| Group 1 | 303,000 | 169 | 303,000 | 271 | 91,000 | 150 |
| Group 2 | 606,000 | 313 | 606,000 | 542 | 182,000 | 300 |
| Group 3 | 1,212,000 | 601 | 606,000 | 542 | 182,000 | 300 |
A Group life provides insurance provides financial security
Complete the contact form by clicking on “Apply now”. If you meet the criteria for establishing a customer group life insurance cover, we’ll create your profile and send you a link to the health declaration. You must complete both the contact form and the health declaration and sign them electronically.
You’ll also need to complete a short customer knowledge statement for Velliv. This is in accordance with anti-money laundering legislation.
All administration, including collection of medical information, medical assessment and claims handling, is carried out by FG and not by Velliv. We’ll only forward your contact details and CPR (civil registration) number to FG.
Group life insurance is established in Velliv but administered by Forenede Gruppeliv (referred to as ‘FG’)
FG is not only responsible for administering group life insurance for Velliv but also acts as an insurance intermediary and enters into group life insurance agreements on behalf of its owner companies’ which are all life insurance companies.
FG has entered into an insurance intermediation agreement with its owner companies, and FG provides insurance intermediation within the framework of the owner companies’ authorization to conduct insurance business. It’s FG’s owner companies that are the insurers.
FG’s owner companies each own an equal share of FG and are jointly liable for FG’s group life agreements.
FG’s owner companies are:
Danica Pension, Livsforsikringsaktieselskab, Bernstorffsgade 40, 1577 Copenhagen V, CVR No. 24256146
Norli Liv og Pension Livsforsikring A/S, Midtermolen 1, 2100 Copenhagen Ø, CVR No. 64145711
Sampension Livsforsikring A/S, Tuborg Havnevej 14, 2900 Hellerup, CVR No. 55834911
Velliv, Pension & Livsforsikring A/S, Lautrupvang 10, 2750 Ballerup, CVR No. 24260577
FG receives remuneration for the intermediation from FG’s owner companies. You can enquire about the amount of remuneration by contacting FG.
FG is registered as an insurance intermediary with the Danish Financial Supervisory Authority. You can verify the registration on the Danish Financial Supervisory Authority’s website under the ‘Company register’.
Forenede Gruppeliv A/S · Krumtappen 4 · P.O. Box 442 · 2500 Valby · Phone: +45 39 16 78 00 · fg@fg.dk · website: www.fg.dk · CVR No. 64015028
Insurance covers
There are three insurance options to choose from. Regardless of which one you select, your contributions will not be deductible. Instead, any disbursements made to you will be tax-free and without charges. The sum insured and prices are regulated annually, and payments are collected quarterly.
Lump sum disbursement for death
In the event of death, disbursement from the cover is made as a tax-free lump sum to your next of kin or nominated beneficiary – regardless of whether it was due to illness or accident.
The insurance benefit decreases by 1/15 per year from age 51 onwards and continues until the insurance ends at age 65. The insurance expires on the last day of the quarter in which you turn 65.
Lump sum disbursement for reduced earning capacity
Disbursement of cover for reduced earning capacity is made as a tax-free lump sum if your earning capacity is permanently reduced to 1/3 or less, regardless of whether it is due to illness or accident. The sum insured is gradually decreased by 1/15 per year from the age of 51 until the expiry, which is set at 65 years. The cover terminates at the end of the quarter in which you turn 65.
Lump sum disbursement for certain critical illnesses
Disbursement of cover for certain critical illnesses is made as a tax-free lump sum if you become seriously and critically ill. The sum insured is gradually reduced by 1/15 per year from the age of 61 until expiry, which is set at 65 years. The cover terminates at the end of the quarter in which you turn 65.