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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 claim 

Who 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 workers

How 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 jackie@jayfinancial.com or call 01283 761866.

Regulatory Statements

Jay Financial is authorised and regulated by the Financial Conduct Authority

FCA Firm Number: 450655

Telephone : 01283 761866

Partners (advising) : Jacqueline Fancourt

Partners (non-advising) : William Fancourt

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.

To visit the FCA consumer website - The Money Advice Service - please click here

To verify our status with the FCA, click here and key in our FCA number: 450655