Death in service cover is paid out by some employers if you pass away while you’re still an employee. If you die while on the payroll, your loved ones will receive a lump sum that’s often worked out based on the amount you earn. Death in service cover may not be enough to cover any household bills, debts, or maintain your family’s lifestyle should you pass away.
It’s important to note that if you were to leave your job for any reason, you may no longer have the protection of your death in service benefit in place. That’s why you may also want to consider taking out Life Insurance - you can buy it anytime and keep it whether you’re working or not.
With Life Insurance in place, you can have some peace of mind knowing that your loved ones are protected. So if the worst were to happen, life can carry on.