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Group Death in Service
What is it?
A Cover Plan to provide a lump sum benefit for the employee's
family in the event of his/her death, helping to cushion the
impact of loss of salary on their dependants. Premier Healthcare
Management are able to advise on plans from several insurers.
Plans offer some or all of the following benefits.
How does it benefit the employer?
- Relieves moral
burden should an employee die whilst in service.
- Helps attract
and retain loyal employees.
- Tax efficient
- premiums are a trading expense.
- Approved benefits
are not "benefits in kind".
- Continuous
entry for new members.
- Generous free
cover level minimises underwriting.
- Continuation
of existing cover without medical evidence.
How
does it help the employee?
- Provides a
lump sum benefit for the employee's beneficiaries of up to
4 times final earnings.
- Tax advantages
- "exempt approved" under the Income & Corporation
Taxes Act 1988.
- Spouse's pension
cover of up to two-thirds of member's maximum pension.
- Additional
dependants pension available.
- No Inheritance
Tax if benefit paid under a Discretionary Trust.
- Up to 30 months
absence cover.
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