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Group Death in Service

What is Death in Service?   

Any death is tragic, but the loss of someone who supported their family financially can have serious financial implications for their dependants. With Group Death in Service cover in place, it can help your business provide these dependants with some financial support.
 
Death in service does not mean death in the workplace but simply whilst a person is employed by you!

Death in Service Cover

Group Death in Service Cover (also known as Group Life insurance) deals with
circumstances that we’d all prefer not to think about: the loss of life. It’s a difficult time; highly charged with emotion and with unexpected considerations for everyone involved.
 
Group Death in Service cover can provide dependants with a lump sum and a
dependants’ pension should a member die in service. All proceeds are typically paid quickly, are tax free and are not a taxable benefit in kind on the member.
 
Death in Service is a valued benefit by employees at a relatively low cost to employers.
 
Jay Financial is independent, which means we can source solutions from the whole of the market to find you the right cover for the right price.
 

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.
 
Added value services we can provide can include:
  • Scheme brokerage by Jay Financial to ensure you are still on competitive terms  for your required benefits 
  • For schemes with 3 members or more, generous cover limits are available  without underwriting 
  • Employee and employer assistance programmes with 24/7 helplines for advice 
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.

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Regulatory Statements

Jay Financial is authorised and regulated by the Financial Conduct Authority

FCA Firm Number: 450655

Telephone : 01283 761866

Proprietor: Jacqueline 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

Jay Financial is authorised and regulated by the Financial Conduct Authority
FCA Firm number 450655, Independent Financial Adviser, Jacqueline Fancourt