Protecting your workforce, in the event of death or critical illness.
What is death in service cover?
Death in service insurance cover, also known as group life assurance, is a type of life insurance. It pays out a tax-free sum of money to your employees’ chosen beneficiaries when they die.
Often offered as an employee benefit, it offers your staff peace of mind, knowing that their families will be supported financially should the worst happen.
How does death in service benefit work?
With staff retention continuing to be a challenge for many businesses, offering a death in service cover can be a fantastic benefit to be included in their employee package.
Your employees have no monthly or annual premium to pay and if they pass away during the term of their employment, their beneficiary (a named loved one) will receive a payout.
The death does not need to happen on work time or be work-related. The payout is generally linked to the earnings of the employee, for example, the beneficiary might receive four times the employee’s annual salary.
Here at Steel River Business Insurance, our team have over 20 years of experience within the industry, working with the largest providers, we’ll ensure you receive the very best advice, guidance and support.
With our friendly team, there’s no waiting in call centre queues, you’ll receive a personal service, tailored exactly to your needs.