Death In Service

A good employer cares about their employees. A good employer cares about what happens to the family of an employee if the worst happens, and an employee dies.

What is Death In Service?
A tax-free lump sum, usually a multiple of the employee’s salary, paid to the family if the qualifying employee dies.

Who should take out a Death In Service policy?
An employer who cares about the wellbeing of their employees’ families if the worst happens – and who wants to be seen to care.

Why would I want a Death In Service policy?
To protect the families and dependants of the employees

What are the benefits of having such a policy?
Your most precious business asset is the talent and commitment of your staff. This policy is evidence of your commitment to them, protecting their family and dependants in the event of an untimely death.

How much does a Death In Service policy cost?
It depends on the level of benefit. It is the cheapest form of employee benefit, costing from as little as a few pounds per employee.

How long does the Policy last?
It usually expires when an employee leaves service or reaches a specified retirement date. If an employee is made redundant, the cover can be extended for an agreed period by prior agreement with insurer.

How will our employees know they have this benefit?
We’ll help promote your employees’ awareness and understanding of the policy with our comprehensive communication service.

Does the policy have to cover all employees?
No. You can arrange cover for some categories of employee as part of a structured benefit package.

Can employees based overseas be covered by a Death in Service policy?
Yes. As long as the employee is contracted to the UK Company.

Is a Death in Service benefit payment subject to tax?
No, as long as the payment is within the limits set by HM Revenue and Customs. You can read current advice on  tax and benefits here.

Who receives the benefit from a claim?
Employees usually complete a death benefit nomination, also known as an Expression of Wish Form. This sets out who they wish to receive the Death in Service benefit payment.

How can Premier Choice help our business?
Our many years of experience running schemes such as Death in Service means we are ideally placed to help. We are on hand all the way through, from design to implementation of the scheme to helping with the smooth running of the policy. Premier Choice’s service includes our innovative, award-winning claims management system, which is designed to give the maximum assistance to employers.

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Want to know more? Call free on 0800 970 1618 or click on the link below to enquire online. Speak to a member of our team to see how we can tailor a package to suit your specific needs and receive a FREE no obligation quote.

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