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Death in Service Insurance
Death in service insurance is provided by an employer and pays out a lump sum if an employee dies.
- Provides an employee with peace of mind
- Tax-free payment
- Free to choose beneficiaries
- Supplements an individual’s life insurance
Death in service insurance is similar to life insurance set up by an individual, in that it pays out a lump sum if someone dies, but differs in that the policy is provided by an employer.
The amount paid is usually a multiple of an employee’s base salary and death in service insurance is considered a valuable employee benefit.
The Alan Boswell Group Difference
Alan Boswell Financial Planners are one the UK’s leading, truly independent, financial advisers providing a range of flexible employee benefit solutions for businesses.
We can help with all your employee benefits including: workplace pension/auto-enrolment schemes, group income protection schemes, death in service schemes, critical illness schemes and flexible benefits.
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Death in service in detail
Employee benefit
Flexible
Choice of beneficiary
Tax-free
It is very important that employees do not consider their death in service policy as a replacement for their own life insurance. Individuals should evaluate what they may need to cover any mortgage payments and standards of living and ensure that they have a top-up insurance policy or their own life insurance policy if they so need.
FAQs
Get in touch
To find out more, ask a question, or make an appointment to speak to one of our advisers, please get in touch.
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