Do You Need Life Insurance As Well As Your Death In Service Benefit Provided By Your Employer?

​If you’ve got a death in service benefit through your employer, you may be thinking that you do not need life insurance as well. 

The level of cover set under your death in service benefit is determined by your employer and so you may want to consider whether this amount would be enough to support your loved ones should anything happen to you. Would the lump sum provided by your employer’s scheme be enough to cover debts and maintain your family’s lifestyle?

What if you left your current employment, to change jobs or retire? You will no longer have that death in service benefit in place once you leave your job. While you could take out like insurance after leaving a job, it is important to remember that premiums rise with age. 

When getting a mortgage, it is a requirement that you have life insurance in place to cover this loan and you will not have the option to assign your death in service benefit to your mortgage as circumstances can change and the term of your death in service is not guaranteed and the amount of your benefit is not set to cover the amount of your mortgage. 

Therefore, it is important to take out additional life insurance to have consistent protection in place regardless of the changes that occur in your career. It is also beneficial to have this cover in place early as you can avail of competitive premiums, will have the option to assign it to your mortgage and will be able to have cover up until age 90. 

You can buy life insurance at any time and keep it whether you are working or not and should you require a quote for your life insurance do not hesitate to contact us.