Death in service
Group death in service enables employers to provide a tax-free lump sum benefit payment to an employee’s family and dependants if they should die in service. As well as encouraging staff loyalty and demonstrating a genuine care for staff welfare, provision of group death in service, or group life assurance as it is often referred to, also goes some way to reassuring employees that their efforts in the workplace really count.
Schemes can offer a multiple of salary or a fixed amount as a lump sum benefit to an employee’s family and dependants should they die in service.
Smaller businesses can also consider relevant life plans. A relevant life plan is an individual death in service life assurance policy available for directors and employees and is a cost effective way to offer life cover to employees if the business is not eligible for a group death in service scheme.
At David Allen Financial Services we will work with you to understand the benefits that can be put in place in your business. Contact one of our team to arrange your free financial health check.