Group Death in Service life cover is the most common employer-sponsored benefit in the UK. This cover benefits your employees by paying out a tax-free lump sum in the event of their death. Their death does not have to be work-related, but they must be on the payroll.
By providing your staff with this benefit, it demonstrates an employer’s concerns for the wellbeing of its staff and can improve the employee and employer relationship.
It is a simple and yet very effective way for employers to help plan for the unexpected. These policies are a low-cost, high-value benefit to employees and can be tailored to your company’s needs and requirements.
The size of the pay-out varies from scheme to scheme, with some companies offering two times your annual salary and others paying a more generous four times.