Death in Service insurance, otherwise known as Group Life Insurance, is a type of cover protecting an employee’s family in the event of their death.
While it’s difficult to think about such unfortunate circumstances, it’s important for employees to have their loved ones protected should the worst happen.
Hooray Health & Protection can help find the best Death in Service insurance for businesses. Their team of experts take into account all customer requirements, and use these to help tailor their offerings. Click the “GET QUOTES” button below to start your free enquiry with Hooray today.
What Is Death in Service Insurance?
Death in Service insurance is a type of cover that helps to support an employee’s family if they die. If such an unfortunate event were to occur, the employee’s beneficiary would receive a sum of money – this sum established at the beginning of the insurance contract.
This type of insurance is a valuable benefit for businesses to offer their employees, helping staff to feel cared for by their employers, whilst making sure their families are protected and supported.
The amount offered to beneficiaries with Death in Service cover will vary depending on multiple different factors, including the employee’s length of service for the business, and how senior they were.
Death in Service insurance can help offer support to employees’ families when they’ll need it most, and offers employees peace of mind that should anything happen to them, their loved ones would still be able to manage financially.
Hooray Health & Protection
Hooray Health & Protection are specialists in SME employee benefits, helping clients find employee engagement strategies via their in-depth knowledge of the industry and close relationships with insurance providers. Their businesses is comprised of a team of experts in health and protection, striving to help their clients find the right cover for them, provided with outstanding customer service.
Through Hooray, clients can browse through such valuable products as life insurance, income protection, private medical insurance, critical illness cover, key man insurance and more. Setting up cover is fee free, clients able to discuss their options with Hooray either over the phone, or online.
Why Apply for a Death in Service Benefit?
Death in Service cover is a fantastic benefit for businesses to offer their employees, helping to show they care about their team’s wellbeing, and making sure their families are kept supported through tough times.
Employees are the most valuable part to any business, and as an employer, it’s important to show your workforce you care. While a raise isn’t always doable, offering other types of financial benefits, such as Death in Service cover, can go a long way in retaining existing staff members while also attracting in new talent.
Hooray Health & Protection can help businesses to find the right level of Death in Service cover they require, and at a great price.
There are many ineffective, and unhelpful employee benefits out there, which if anything can deter employees both existing and prospective from a company. Hooray can help businesses find the benefits employees actually want, including Death in Service tailored to the needs of a workforce.
How Does a Death in Service Benefit Work?
If an employee passes away, Death in Service cover will provide a tax-free lump sum to their beneficiary. This beneficiary is typically a family member, or another loved one, that can often be financially dependent on the employee.
The amount of money beneficiaries receive can vary, depending on the details of the chosen policy. However, typically, it’s based off of the amount an employee earns. Often, beneficiaries can expect a pay out of 3-5 times of the employee’s annual salary. While this is a usual offering, an employee’s pay out will depend on the precise details of their chosen policy.
The team at Hooray will tailor their search to the requirements of customers, offering cover that’s best suited to businesses at a great price.
Who Gets the Death in Service Payment?
Pay outs for Death in Service cover will go to a chosen beneficiary, this is typically the employee’s family, but can also be given to other loved ones and/or those who were financially dependent on them.
The pay out is intended to help the employee’s beneficiary better cope through this trying time, able to take time to process and grieve without having to worry about the financial struggle this loss may have otherwise left them in.
Hooray only work with insurers that also provide probate and bereavement services. Most insurers will offer counselling sessions to help with such bereavement, available over the telephone and also face to face.
How Long Does a Death in Service Payment Take?
The length of time taken for beneficiaries to receive pay outs from Death in Service cover depends on a few different factors. Primarily, it will depend on the employee’s employer, and the process that has been put in place for this type of unfortunate event.
In certain circumstances, if all of the necessary paperwork is complete, beneficiaries could receive their payout in as little as two weeks to 30 days. The precise length of time in which pay outs will be given to beneficiaries will however depend on the specific circumstances of the particular Death in Service pay out situation.
How Much Does Death in Service Cost Using Hooray Health & Protection?
Hooray Health & Protection are dedicated to helping customers find the right level of cover for them, from just £40 per month. However, as no two policies will be the same, each and every business having its own differing needs and requirements for cover, the cost for insurance using Hooray can vary.
Below is a list with some of the factors insurers will assess for Death in Service cover:
- The average age of employees
- Workplace location
- The employees’ occupations
- Total sum to be insured
- Details of employees off sick
Unfortunately, the cost of insurance for SMEs per head can be greater than for larger corporations. Hooray Health & Protection wants to help change this, helping SMEs to get the cover they need at the best price for this.
Do You Have to Die at Work to Get Death in Service?
No, it does not have to be a work-related death for an employee’s beneficiary to receive a pay out from their Death in Service cover. However, certain conditions can apply for pay outs. It’s important for employees to check what is and is not covered by their Death in Service policy.
Why Apply for Death in Service With Hooray Health & Protection?
Hooray Health & Protection comprises of a dedicated, expert team, working hard to find the best type of insurance to meet the needs of their customers. Hooray state themselves that Death in Service insurance is “what we do best”, and strive to find the best policy for customers at the best possible price.
Click the “GET QUOTES” button below to start exploring Death in Service cover options.