Welfare Benefits - Life Cover
Life Cover or Death-in-Service as it is sometimes referred to, can be provided either as a stand-alone benefit, or as part of a package of employee benefits, chosen by the employer. Life Cover is one of the main components of employee benefit packages, as it provides a cost-effective benefit which is easy to administer and is highly valued by employees. The benefit is payable in the event of death from any cause, whether or not work related. The amount of benefit can be defined as a fixed sum or as a multiple of salary.
Key features
- Open to all employees
- Available with a simple flat contribution rate, not related to age
- Good for cost control, as the employer selects the benefits
- Flexible, as different levels of employee benefits can be selected to differentiate between groups of employees
- No requirement for medical examination
- Fully automated data collection and administration
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