Advice on Death in Service Schemes & Insurance – Aspire Financial

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    Death in Service Insurance Advice

    A death in service scheme typically pays out a lump sum to an employee’s family, should they die whilst on your business’s payroll.  Such schemes are offered as standard in the public sector, and are becoming more prevalent in the private sector.

    We regularly advise employers on the provision of death in service packages, and will be happy to arrange for a no obligation chat to discuss how your business and your employees can benefit from a fantastic employee benefits package.

    Speak to one of our advisers today on 01928 237 521, or complete our online enquiry form and we will be in touch.

     

    What is a Death in Service Insurance Scheme?

    In most cases, a death in service scheme pays out a tax-free, lump sum to an employee’s family when they die.  The cause of death does not need to be work related, but they must be on the payroll.

    The size of the final payout varies and will typically be specified by the employer, with businesses offering anything from twice to four times an employee’s annual salary.

    Death in Service schemes are often arranged in conjunction with a company pension scheme, but can be arranged as a standalone employee benefit.  The payout itself will be covered by an insurance company, with most requiring a minimum of fifteen employees before signing off on a new scheme.

     

    How can a Death in Service Scheme Benefit Business?

    A Death in Service scheme can be an integral part of an employee benefits package, helping your business attract and retain high quality staff.  Employee benefits schemes may look expensive in the short term, however they can be a key element in an effective staff retention strategy.

     

    Get in Touch

    We believe face to face meetings and personalised financial advice produce great results. Speak to one of our fadvisors today about implementing a death in service scheme at your business.

    Call 01928 237 521, or complete our online enquiry form above and we will be in touch.

    Aspire, Aspire Financial Advisers and Aspire Financial Services are trading names of Aspire 2011 LLP, who is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority.

    The Financial Conduct Authority does not regulate on tax planning, auto enrolment and employee benefits.

    Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 30th January 2023

    Quilter Financial Services Limited and Quilter Mortgage Planning Limited are entered on the FCA register under reference 440703 and 440718

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