Death In Service /Relevant Life Policies
How hard is it to employ the right people, recruit them, train them, develop them and find they suddenly leave for a better job with greater benefits? Have you tried asking what they actually value that would increase their loyalty to you? If they have a partner or children it's likely that they may want to have some sort of life cover.
Death In Service is a simple way to supply some much needed life assurance until an employee leaves or retires. Most schemes are based on a number of times the employee’s salary (4 x salary is common) and as these are group schemes these can normally be put in place without any significant investigation or underwriting. Relevant life policies are tax efficient ways of providing life cover in addition to or where D-I-S is not available.
So what is the best scheme to choose and are you better off picking a provider who can offer other group benefits or should you shop around for individual solutions?