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What is Death-In-Service insurance?

Death-in-Service insurance – or Group Life Insurance – means financial reassurance for your employees’ families.

Nothing matters more to your valued staff than those that depend on them, those that they love and care for. That’s why Death-In-Service is a benefit your staff will value. It gives them precious reassurance that should the unthinkable happen and they die, then those they care about the most will receive a significant financial cushion.


Why offer Death-In-Service as a employee benefit?

Death-In-Service benefits offers employees a tax-free benefit as premiums are not treated as a benefit in kind and pay out up to four times an employee’s salary –  normally without the taxman taking a slice.

They’re also typically HMRC friendly from an employer’s perspective, with corporation tax relief able to be claimed against premiums. This further heightens the difference between the perceived value of the benefit and its actual cost – which places little burden on payroll costs.

As well as being pleasingly affordable they’re exceptionally easy to introduce as most plans can be set up without need for the submission of medical histories.


How to choose the best Death-in-Service policy for your business

Finding the best death-in-service solution for your business takes expertise, market knowledge and the ability to negotiate the very best deals with the UK’s leading group life insurance providers. These include Zurich, Unum, MetlLife, Legal & General, Canada Life and Aviva.

The first thing to consider is what you hope your death-in-service plan is to achieve – and how much you are able to invest in it.

Are you looking to reward some or all of your employees? If you’re being selective what criteria will you apply – length of service or seniority? Do you want to offer a “one size fits all” benefit or create a plan which offers different levels of benefits to different categories of employee?


Questions to ask when choosing your Death-In-Service Insurance

  • Why do you want to introduce a group life insurance scheme?
    Many businesses choose death-in-service as a benefit to reward loyalty, incentivise and demonstrate a “duty of care” to their staff. It can communicate owners and managers’ concern for the welfare of those they employ, their families and their dependants.
  • How much benefit do you want to fund?
    You can be very flexible. Typically companies choose a lump-sum benefit equivalent to between two and four times current annual salary. However you can decide to offer more or less depending on your aims and budget.
  • What’s your tax position?
    Normally you’ll find death in service schemes are very tax efficient with premiums usually allowable as a business expense and not attracting a tax burden for your employees.
  • Do you want to do more?
    When thinking about your aims and objectives it might be worth contemplating introducing a broader employee benefits package. With Chase Templeton’s assistance you could introduce a solution designed to increase and reward loyalty, reduce absenteeism and incentivise, employing benefits such as Company Medical Insurance, Group Critical Illness Cover, Group Income Protection and Dental Plans.


Chase Templeton can help you, with free and impartial advice on Death-In-Service policies

As a business looking to better protect and reward your employees you’re faced with an array of possible options – multiple providers offering many policies with varying benefits. Choose Chase Templeton to partner you through the process and you’ll benefit from a dedicated business adviser who will be pleased to help you identify key priorities and guide you to the best available solution. They’ll also be on hand to offer ongoing advice and support, be that amending your future protection to meet the changing circumstances of your business or helping should you need to claim on your policy.

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