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Employee Life Cover price increase FAQs
We’ve made some updates to Employee Life Cover (ELC) and we want to make sure you’re fully in the loop. Whether you’re updating payroll or just want to understand what’s changing, we’ve got you covered.
Why the change?
We’ve kept the price of ELC the same since 2019, but to ensure the cover remains sustainable, we’ve had to increase the ELC premium. However, your employees now get even more protection with a higher benefit rate! Endorsed by the Construction Industry Joint Council (CIJC), we’re still one of the most simple and affordable options for you and your employees.
When does the new rate apply?
Pay reference period (PRP) and paper based-accounts
Period |
Rate |
|---|---|
| 27 October 2025 – 2 November 2025 | Old rate applicable |
| 3 November 2025 – 9 November 2025 | New rate applicable |
Do I need to do anything from November?
No, no action needed. The new rates will automatically apply based on your PRP start date. Just make sure your payroll reflects the updated premiums.
Do I need to update any systems or paperwork?
If you manage payroll manually or use paper-based accounts, double-check your PRP dates and apply the correct rate. Otherwise, your system should pick up the change automatically.
Yes, we’ve communicated about the price increase via an email in July 2025, it will be followed by a second email communication in October 2025. You’ll also see the updated premiums reflected in your usual payment schedule and documentation.
You can. If you want to adjust the cover level (Standard, Double, or Triple), just get in touch with our Customer Services team.
The premium is calculated weekly, so changes in your workforce will be reflected in your payment schedule accordingly. The monthly leave dates can only be submitted at the end of the period. Therefore, it can be managed as normal.
The increase is due to a rise in claims and ensures the cover remains sustainable. It’s still one of the most affordable group life covers in the industry, and the benefit rate has gone up too – so employees get more value.
No, the premium is the same for everyone – regardless of your company size or how long you’ve been with us. We keep things simple and fair across the board.
Benefits and value
What’s improved for employees?
The price increase from November 2025, is for Employee Life Cover only. With the increase in premium, we’ve also increased the benefit rate – so nominated beneficiaries will receive a higher payout if they make an eligible claim.
How much payout will I receive with the new premium rates?
Cover level |
Benefit |
Overall benefit increased by |
|---|---|---|
| Standard | £42,500 | £2,500 |
| Double | £85,000 | £5,000 |
| Triple | £127,500 | £7,500 |
Premiums and cover levels
What are the new premium rates?
Life cover level |
ELC benefit rate* |
Premium (ELC/Employee Accident Cover combined) |
Premium (ELC only) |
|---|---|---|---|
| Standard | £42,500 | £1.96 | £1.85 |
| Double | £85,000 | £3.51 | £3.40 |
| Triple | £127,500 | £5.06 | £4.95 |
Rate |
ELC Premium (cover + admin) |
EAC Premium (cover + admin + IPT) |
Total ELC EAC combined Premium |
|---|---|---|---|
| Old rate | £1.38 | £0.11 | £1.49 |
| New rate | £1.85 | £0.11 | £1.96 |
ELC only premium: 34% increase
ELC/EAC combined cover: 31.53% increase.
Cover details, claims and payouts
If an employee sadly passes away before the November 2025 schedule (i.e. before 3 November 2025), they’ll be covered under the old benefit rate. For deaths on or after 3 November 2025, the new benefit rates will be applicable.
For more information, refer to our ELC rules document.
Our Employee Life Cover is your way of financially protecting yourself, your employees, and their loved ones. As a company, we believe in protecting and paying you back, wherever possible.
In 2024 alone, we’ve paid 310 claims totalling £9,878,867.
What makes this cover stand out?
Over the years we have strived to provide products that are not only endorsed by the CIJC but also provide value for money. Our covers offer:
- Tax-free lump sums
- Double payout for accidental death at work or while commuting
- Suicide is covered
- Simple setup and flexible cover options.
Support
Who can I contact with questions?
Drop us an email at EAC.ELC@bandce.co.uk or call 01293 586666. Our team is available Monday to Friday, from 8:30 am to 6:00 pm. We’re here to help.
