Group life cover

/Death In Service
Death In Service 2017-03-08T12:08:11+00:00
  • Insure against the tragic event of death whilst in employment.

  • Demonstrative care for your employees’ health and wellbeing.

  • A tax-efficient scheme for employers and employees.

  • Medicals and medical histories are not always necessary.

  • Tax-free sum when paid to an employee’s family.

  • Can include bereavement services and employee assistance programmes (EAPs).

Group Life Cover or Death in Service Benefit is a cost-effective gratuitous benefit for employees that is paid in the event of an employee’s death to their families, as a tax-free lump sum. Their spouse or beneficiaries will receive a lump sum or pension benefits dependent on the employee’s salary.

It is a cost-effective way to aid recruitment and retention.

The benefit is worked out by salary multiples. The amount is decided by the individual company’s needs.

Benefits for company employees

  • Peace of Mind: Assurance that your financial dependants will be looked after in the event of your death.
  • Company Paid Premiums: Not liable for benefit-in-kind taxation.
  • Tax-Free Benefits: The lump sum benefit is not liable to income tax; however, pension benefits will be subject to tax.
  • Free Cover Limit: The employee will be guaranteed a minimum benefit regardless of their medical history.
  • Improved Staff Welfare: Demonstrates the company’s concern for the wellbeing of its employees.
  • Allowable Business Expense: Premiums can be offset against corporation tax with no other additional tax to pay.
  • Flexible Plans: Different salary multiples can be used for the different staff categories included on the scheme.
  • Staff Retention and Recruitment: In an ever more competitive employment market, this is an attractive cost-effective benefit to offer employees.

Benefits for company employers

  • Improved Staff Welfare: Demonstrates the company’s concern for the wellbeing of its employees.
  • Allowable Business Expense: Premiums can be offset against corporation tax with no other additional tax to pay.
  • Flexible Plans: Different salary multiples can be used for the different staff categories included on the scheme.
  • Staff Retention and Recruitment: In an ever more competitive employment market, this is an attractive cost-effective benefit to offer employees.

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