Group Death in Service

In 2008 over 191,000 people died from heart and circulatory disease in the UK including 88,236 deaths from coronary heart disease and a further 43,000 from strokes
 
Within these figures this means that 35 people a day under aged 65 died of coronary heart disease in 2008.
 
The British Heart Foundation 2010 edition, Professor Peter Wiessberg, Medical Director

 
With living conditions and modern medical care we are now living longer. This can make unexpected death even more shocking and hard to deal with.
 
The death of a main breadwinner within the family can put significant pressure on the family concerned and as a result may suffer financial hardship.
 
To have that piece of mind that the family left behind will be provided for is a valuable benefit to employees.
 
By providing your staff with benefits in the event of this happening it demonstrates an employers concerns for the wellbeing of its staff and can improve the employee and employer relationship
 
There are a wide variety of options available to you which mean the right plan can be constructed for your company.
 
Premiums paid by the company are usually allowable as a business expense and the company will be able to receive Corporation Tax relief on the premiums which can reduce the real cost for the employer which in some cases can be less than 1% of your total salary costs*.
 
Group Death in Service Assurance protects the employee’s family and dependents, if that same employee dies whilst employed by that employer.
 
It is a simple and yet very effective way for employers to help plan for the unexpected. These policies are a low-cost, high-value benefit to employees and can be tailored to your company’s needs and requirements.
 
In the event of death the policy can pay a lump sum, usually a multiple of their salary, tax effectively and before probate is granted**,  to beneficiaries of their choosing.
 
It may also provide the family with an additional income to help to replace any salary lost due to this unfortunate event. This can be invaluable to the employee’s family and can help with costs like mortgages, school fees or just day to day living.
 
It is also possible to provide protection again inflation by including an escalation option.
 
Group Death in Service Schemes are set up under Trust and therefore will not form part of the member’s estate and under current legislation are not subject to Inheritance Tax or Income Tax.
 
*Subject to underwriting criteria and the availability of tax relief.
** Subject to a completed of a suitable Nomination of wish/beneficiary form