A Must-Have: Death Benefits for Employees
In a recent write‑up, the author sparkles a truth that often gets ignored in the office – death benefits should be the cornerstone of every employer’s perks menu.
Why Squinting at the Grim Reality Makes Sense
We all like to think “not me” when it comes to the cold, hard fact of mortality. Yet the UK workforce typically has way less coverage than families actually need. So why burden the poorest? Anyone who’s ever seen a carefree employee fall into an insurance loophole knows the answer: employers can reap huge reputational gains by offering a safety net that actually counts when it matters most.
One of the Cheapest Ways to Build Loyalty
Picture this: a small monthly cost that gives a £100,000 payout if someone dies. It’s a tiny price for peace of mind.
- Manual/Factory Work
- Age 30 – £35.30 per year
- Age 40 – £63.90 per year
- Age 50 – £134.30 per year
- Office-based Work
- Age 30 – £26.50 per year
- Age 40 – £41.80 per year
- Age 50 – £96.70 per year
These rates vary with industry, role, age and location – but overall they’re a budget‑friendly, high‑impact benefit. Plus, you can automate coverage without gnarly paperwork, unless you opt to demand extreme medical histories that cut many out.
Setup Made Simple with Master Trusts
Gone are the days of trust deeds, trustees and HMRC registrations. Now, insurers offer Master Trusts run by independent trust firms, requiring just a tidy application form and you’re ready to roll.
Don’t Just Set It and Forget It
Ownership is half the battle. Without a good nomination form at onboarding and a yearly review, employees won’t even know the benefit is there. Move the beneficiary info into HR and keep it updated – marriages, kids, ex‑bombs – all must be reflected. The faster the trust team knows who to pay, the swifter the cash flows to grieving families.
No Real Benefit Without Don’t-Harvest
Other perks may sparkle now, but when lives are lost, that lifeline sticks around forever. You might think most folks will retire before they pass away, but in fact a large chunk of the workforce has struckes unexpectedly. Imagine a regular day, a coworkers dies, the company offered no death benefit – the family is left high‑strung with state safety nets that barely scratch the surface.
Wrap It Up
It’s not just charity. It’s a smart employee win, a cost‑effective brand booster, and the most crucial lifeline for families reliant on their loved ones. If your business wants to be that kind of company, add death benefits to the top of your perks list now.