WHAT IS DEATH IN SERVICE BENEFIT?
Death in Service (DIS) is a group life insurance policy that pays out a lump sum to your employees’ family or nominated beneficiary should that individual die whilst employed by your organisation.
HOW DOES IT WORK?
It is set up as a single scheme that provides a lump sum payout for your employees with a level of cover (sum assured) based on a multiple of their salary.
It is possible to purchase life insurance for each of your employees individually, however, businesses usually take out a DIS policy to cover all or a group of their employees. DIS schemes can either be linked to your company pension scheme or are standalone.
Death in Service is another employee benefit available to offer your staff and potential recruits. Please contact us to find out more about this and other employee benefits.