A Death-in-Service policy is a type of employee benefit which covers a specific employee and can pay out a sum of between 2 to 4 times their annual salary if they pass away while on the company payroll.

So, if an employee earns £25,000 per year, their loved ones could receive a tax-free lump sum of between £50,000 to £100,000.

Including a death-in-service benefit in an employee benefits package can help you attract and retain high-calibre people and is usually more affordable than a Group Life insurance policy, so if you own a small business or are simply looking to be as financially efficient as possible then a death-in-service policy may be the best option for you.