Tailored solutions that help protect your employees and their families against the financial implications of death in service.
A death-in-service policy will pay out a tax-free lump sum to employees on your company’s payroll when they die. This could provide invaluable financial security to employees’ loved ones during a difficult time.
Death in service insurance is usually offered as an employee benefit, but employers can also choose to pay for the policy themselves.
This cover does not extend past an employee’s contract at the company, so a Relevant Life Plan should be considered for senior execs or those on longer contracts.
A Relevant Life Plan also provides a lump sum benefit on the death of an employee. It is an alternative way for employers to provide individual death-in-service benefits to employees, outside of a registered group life scheme and is a tax-efficient alternative for company directors paying for their own life cover.
The plan is usually set up by the employer and funded as a single premium. It should be tailored to an individual’s circumstances, with both the death benefit level and the length of cover chosen by the employer on behalf of their employee.
Contact us today to learn more about how you can protect your employees and their loved ones with death-in-service or relevant life insurance. Our experienced team will work with you to find the best solution for your company.
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Moriarty Insurance Consultants is a trading style of Moriarty Financial Services LTD, which is authorised and regulated by the Financial Conduct Authority. Registered office: Moriarty Insurance Consultants, Edward Pavilion, Albert Dock, Liverpool, L3 4AF | Registered Company Number: 11352686 Registered in England and Wales