Death in service insurance is provided by the employer and covers some or all of the employees within a business for the event of their death. Death in service insurance pays out in the form of a tax free lump sum to a named beneficiary, which is usually the family or dependents of the insured individual.
Death in service insurance works in a very straightforward manner for businesses. We’ll help you find the right plan, with the right level of cover for your employees. Once we’ve found the perfect deal, you’ll agree to pay monthly, quarterly, or annual premiums to continue your cover for as long as you desire.
Before you can set up death in service insurance, you’ll need to gather employee details (age, DOB, sex, job title, etc), establish the level of cover you need, determine the length of cover you’re after and give this information to a trusted independent specialist in health insurance.
The Dragonfly Crowd team specialises in customer care, ensuring that we can find the ideal insurance plan for businesses and individuals alike. Our expertise allows us to search a wide panel of insurers, with your specific interests and priorities in mind, finding a deal to suit your needs and help you to provide death in service insurance, a very attractive and respectable employee perk.
We also offer services for private medical insurance and critical illness insurance. These are some further ways you can protect yourself, your business and your employees.
Contact Us to Discuss Death in Service Insurance
Death in service insurance has the following benefits:
Whilst every plan differs, common exclusions include suicide, substance-abuse related deaths, criminal activity-related deaths, pre-existing medical conditions and high risk activities. As mentioned, every plan differs, so be sure to communicate your situation and needs with us to find the perfect deal and ensure eligibility.
The death in service benefit is paid to whoever is named as the nominated beneficiary. This is usually the spouse, partner, or children of the employee. The benefit can also be paid to the employee’s estate if nobody is named.
Death in service insurance is generally not subject to income or inheritance tax. However, this depends on the type of plan and the individual themselves.
Death in service premiums paid by a business are usually not taxable.
Group life insurance and death in service insurance are interchangeable terms for the same type of insurance.
Simply provide us with your information, and we'll promptly get in touch (typically within 24 hours on weekdays) to discuss your health insurance requirements. Afterward, we'll follow up with your complimentary quote (usually within a week).