Group Life Assurance (Death in Service) is often one of the employee benefits that employers want at the core of their benefits package. Most large employers offer it as standard because it gives peace of mind to employees that their financial dependants would be looked after should the worst happen. This means that it’s a good idea for smaller businesses to consider it, especially if they want to be able to compete for the best talent.
One myth about Death in Service cover is that the employee physically needs to be at work if they die. This is not true as it’s the fact that they are an employee of the business which means cover pays out no matter where they are when it happens.
Death in Service is a very straightforward benefit and typically it is easy to compare policies and costs between providers. The cost of cover is linked to factors such as employee age, salary, and amount of cover, and the comparison centers on the amount of cover and the premiums paid. It’s a simple case of looking at how much coverage can be obtained for the premium paid.
DEATH IN SERVICE (GROUP LIFE)
AS WHOLE OF MARKET BROKERS, WE WORK WITH ALL THE LEADING PROVIDERS INCLUDING:
For more information about Death in Service download our 'Spotlight Sheet' here.
A Financial Adviser firm had employed a lady for 20 years. One Friday she felt unwell and went home. Unfortunately, she died suddenly the next day. This employee had been the main earner in her household and had a husband and 2 young children dependent on her. Following her sad death her widower visited the business and was told that three times death in service cover was in place and he could expect to receive a tax-free lump sum. This was very welcome news and allowed him and the family time to grieve and sort out their finances e.g. pay off the mortgage.
Death in Service benefits can change lives.
