Death In Service

Best Death In Service Insurance Support in London

Strengthen Security For Employees With Death In Service Insurance

It’s good move to consider employee Death in Service

Richard Branson once said, “If you take care of your employees, they will take care of the clients”. As a business, we often want to make sure our employees are well looked after emotionally and professionally and businesses are often looking at ways to enhance the benefits they offer to their employees. After all, it shows we care!

Relevant Life Cover from Beneco Financial Services could allow companies to offer a death in service benefit to its employees (including directors who are salaried). The policy is set up by the company and pays a tax free lump sum on the death of the employee to their surviving family.

Contact Beneco Financial Services to find the right policy for you, and your business.

Ensure Financial Security for Your Employees’ Families!

What Is Death In Service Insurance?

Death-in-service insurance is a policy designed to financially help the employees’ families when they die during their employment. It’s essential to cover the financial crisis and ensure the safety of the employee’s loved ones.

This type of insurance is typically offered by the employer as a financial treat for serving their company. Such commitment motivates employees to continue dedicating their time and effort to their roles, knowing that their loved ones will be taken care of in the unfortunate event of their death.

What Does Death In Service Insurance Cover?

Death is always unpredictable; the unexpected stop of cash flow from the salary can leave families in a vulnerable position. This is where insurance broker death in service comes to rescue families from this harsh situation. It offers financial protection to the beneficiary or the close family member. Let’s find out what the death in service cover:

Immediate Financial Support

Immediate Financial Support

Beneficiaries of the deceased employee get immediate financial support from the death in service insurance. It helps the family cover the expenses that arise with the death of the employee, such as funeral expenses, outstanding bills, and other immediate financial needs.

What Does Death In Service Insurance Cover - Cause of Death

Cause of Death

Death in service insurance typically covers death resulting from illness, accident, or natural causes. This ensures that employees and their families are protected regardless of the situation surrounding the employee’s death.

Tax-Free Benefit

Tax-Free Benefit

The lump sum payment received from death in service insurance is usually tax-free. This ensures that the funds can be used entirely for the intended purposes, such as supporting the deceased employee’s family or covering other financial crises.

What is the Eligibility Criteria?

You will be covered by the death in service if you are on the payroll and your employee offers you such benefits. The rest of is depending on the specific insurance policy and the employer’s requirements. However, here are the common eligibility criteria:

Employment Status

Death in service is directly related to the service involvement. You must be on your payroll to get this benefit. That means only current employees are eligible for the benefits provided by the insurance policy.

Participation in the Insurance Plan

Without participation in the insurance plan, you can’t be eligible for this insurance even if you are on the payroll. You might have to complete enrolment forms or meet certain deadlines set by the employer.

Waiting Period

Coverage might not be effective for newly enrolled employees immediately. You may have a waiting period set by the insurance policies. During this waiting period, you will not be eligible for the full benefits of the insurance policy.

Why Do You Need Death In Service Insurance?

Financial Security for the family

Financial Security for the family

Death in service insurance provides a tax-free lump sum payout to the beneficiaries of the death employee. This financial cushion can help family members to cover immediate expenses like funeral costs, outstanding bills, or mortgage payments.

Peace of Mind for Employees

Peace of Mind for Employees

Knowing their families are financially protected in case of their death can give employees peace of mind. They can focus on their work without worry. This can lead to increased morale, productivity, and loyalty to the employer.

Why Do You Need Death In Service Insurance?

Attracts and Retains Talent

Potential employees with families will be attracted to the companies that offer death in service as part of their benefits package. It shows that the company not only care about their employees but also their families. It can also be a factor that gives them a reason to stay with the company.

Free Benefit for Employees

Free Benefit for Employees

For employees, death in service is typically a free benefit provided by their employer. The employer pays the premium for the group policy, making it an affordable way for employees to obtain valuable life insurance coverage.

How Beneco Finance Can Help?

Exploring the specifics and finding the right policy of death in service insurance for you can be a time-consuming, complex task. That’s where Beneco Financial Services comes in. As a leading death in service insurance broker London, we specialize in helping businesses with cost-effective death in service plans. Here’s how we can help you:

Expert Guidance for the Best Death In Service Insurance Support

Expert Guidance

Our team of experienced brokers has a deep understanding of the death in service insurance market in London. We’ll work closely with you to assess your company’s specific needs and budget, and then recommend the most suitable insurance plans from reputable insurance providers.

Competitive Quotes for Best Death In Service Insurance Support

Competitive Quotes

We use our strong relationships with various insurers to negotiate competitive premiums for your death in service insurance plan. This ensures you get the best possible coverage at an affordable price.

Easy Implementation of Death In Service Insurance

Easy Implementation

The professional insurance broker of Beneco will handle all the administrative tasks involved in setting up your insurance plan, including securing quotes, comparing options, and liaising with insurers. This saves you valuable time and resources.

Best Death In Service Insurance Support

Ongoing Support

Beneco Financial Services is here for you beyond the initial setup. We’ll provide ongoing support to ensure your death in service plan remains compliant and adapts to any changes in your company’s needs.

Supporting you through the process

At Beneco Financial Services, we recognise that it’s not always easy for customers to compare products and services and understand the mountain of paperwork from various providers. That’s why we give customers our Beneco pledge to simplify insurance with:

A dedicated adviser to explain the shortlist of policy types and their differences at the outset
Comprehensive online tools to quickly assess the viability of mainstream and niche insurance providers
A clear, concise breakdown of differences between policy quotes and what they cover – and critically what they don’t
A dedicated case manager to process and track all stages of the process application
An automated reminder service at the end of term, to ensure sufficient time to explore better deals at the time
Best Death In Service Insurance Support

How Do We Work?

We do not charge arrangement or consultation fees for personal or business insurance services. After a quick fact-find call or meeting, we’ll explore the market for the best options and essential criteria for you to consider. We know the preferences, strengths and checklists for all the key insurance providers, so we’ll get you to the right solution swiftly and efficiently.

Let’s chat, and start the process of establishing the right solution for you.

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