Death in Service, also known as, Group Life Assurance Cover will pay a tax-free lump sum through a discretionary trust to an employee’s nominated beneficiary in the event of an employees death.
Two types of Group Life Assurance:-
While nothing can be done or said that will make the loss of an employee better, as an employer you can put in place cover that will benefit the beneficiary of your employee in the event that they experience a death while working for your organisation. This money can help with funeral costs as well as provide financial relief to any dependants that your employee may have had, and while they are working with you it will give them the peace of mind that those that they care about will be looked after in the event of their death.
Rest assured that the time and effort that it takes to put in place such an important policy such as a Group Life policy is minimal, with policies being able to be put in place simply and quickly. At BDHL our Death in Service / Group Life Assurance policies can be based on either a multiple of the salary of your employees or a specified amount. We have special arrangements in place with certain providers to be able to arrange cover for groups of all sizes from as few as 3 employees upwards, with a free cover level of £500,000 per employee. Our Death in Service / Group Life Assurance policy is simple to set up and doesn’t require that your employees make any medical declarations. Beneficiaries for death in service cover can be paid through a discretionary master trust.
We’ve detailed only a few of the benefits and elements of the Group Life Assurance (Death in Service) insurance that we have available at BDHL, however if you would like to find out more about how this policy works, or further information about other protection / group risk insurances such as Group Income Protection and Group Critical Illness Cover the please don’t hesitate to get in touch with us and an experienced member of our team in Kent will talk you through everything that you need to know and provide you with further policy information. You can contact us by completing the contact form on this page or alternatively you can speak to a member of the team on +44 (0)1892 891 900.