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Death In Service Insurance

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What is death in service insurance?

Typically included as part of an employee benefits scheme, death in service insurance provides financial protection to a person’s family should they die in service to a company. It can provide financial peace of mind that your mortgage and bills will be covered should something happen to you.

When you are offered a death in service insurance policy through your employer, there are a few factors to consider:

  • The lump sum payout is often a multiple of your salary which may or may not be enough to cover your outgoings
  • You will no longer be protected by this policy if you leave that company
  • You may not be able to determine who receives the lump sum
  • In many circumstances this benefit cannot be used to cover mortgage payments

 

As death in service insurance is a service that is offered by employers, the exact details can vary dramatically depending on the company.

​If I have death in service insurance, will I not need life insurance?

 

On paper, three to five times your annual salary may seem like a large sum of money. And while that may be true, the old adage of not “placing all your eggs in one basket” is a good logic to apply here.

If you were to leave the company providing this policy, or if you were to pass away under different circumstances, then it’s likely that your family will no longer be protected. In either of these instances, a life insurance policy would be a smart backup option to have - as well as death in service insurance.

We would recommend a combination of these two policies in order to ensure your loved ones and their financial future are protected as much as possible.

 

How much will I receive?

This will vary on the specifics of the policy itself, and in this case, particularly the terms and conditions set by your employer. However, the lump sum often amounts to approximately three to five times your annual salary

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Get in touch with our expert team today to learn more about death in service insurance, whether you are an employer or an employee, and whether or not you could benefit from additional cover.

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