Death in Service
Why have a Death in Service benefit?
When someone dies suddenly, their family faces a dramatic drop in income at a time of great stress. It’s economically reassuring for employees to know that if this happens, their employer will make financial provision for their dependants.
In addition there are the following benefits:
− A business expense attracting tax relief for the employer
− No P11d benefit in kind on the employee
− Arranged under a discretionary trust, thus normally avoiding probate and inheritance tax if there is a claimWho can have a Death in Service benefit?
Often only regarded as available to large companies, death in service schemes can be arranged on a 1-man basis, known as a relevant life policy, or as a group life assurance scheme. In other words, the size of a company does not prevent it from protecting its employees’ interests. What’s in a Death in Service benefit?
Typically these can be arranged as:
− a multiple of salary or a fixed monetary amount
− having different sections to accommodate different levels of benefits between workersHow much does Death in Service cost?
Everything is based on the underlying detail, but mostly these arrangements are relatively inexpensive compared to private medical insurance and pension provision. They are also easy to arrange and manage, and are valued by employees.
Request a simple form for completion and Jay Financial will provide you with a no-obligation quotation.
Email firstname.lastname@example.org or call 01283 761866.