Group Death In Service
In House Claims
Having Group Death in Service insurance provides a tax-free lump sum and/or the employee’s pension to be paid to their family or nominated beneficiary should they die while working for your business.
Group Death in Service insurance demonstrates to an employee that you care for your staff’s welfare and reassures them that they are indeed valued by your business.
You can help offer a regular income to an employee’s dependents, based upon a percentage of an employee’s salary; usually between 2 and 4 times their annual salary.
Although it is not mandatory in the UK, it’s usually the first benefit companies look to offer to their employees.
Research by the Chartered Institute of Professional Development (CIPD) revealed that 54% of people seeking a new job cite better pay/benefits as the main reason for moving jobs.
As well as demonstrating loyalty to your staff, there are still a number of benefits for employers when adopting Group Death in Service insurance.
These can be:
- Helping attract and retain staff.
- Pays out no matter where the death occurs; on the job, at home or overseas.
- Employers can contribute invaluable financial support to beneficiaries.
- One of the cheapest group insurance policies to implement.
- Can be structured with premium rates to represent a low percentage of payroll.
- Premiums are usually allowable as a business expense.
- Features can be put in place to reflect employer’s requirements.
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