Do I still need life insurance if I have death in service?

Employer cover may not be enough on its own. It is set as a multiple of your salary and not against what your household owes, it ends on the day you leave, and you do not control any part of it.

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Gaps in employer cover

The amount
Cover set as a multiple of salary takes no account of your mortgage, your other debts, the years your children still need supporting, or what your partner would need to stop working for a while.
The job change
Cover ends the day employment does, with no right to continue it. Anyone who leaves, retires or is made redundant loses the cover on that day.
The control
Your employer chooses the scheme, the multiple and whether to keep it at all, and can change any of them.

What your own policy adds

Employer cover is set by your salary and takes no account of what your household owes.

Related questions

Can I top up the employer cover?

Some schemes offer additional voluntary cover. It normally still ends with the job, so it addresses the amount and not the gap at a job change.

Should I count death in service when working out how much I need?

Yes, for as long as you expect to be there. It is sensible to know what the position would be without it as well.

What if I am about to change jobs?

Arrange your own cover before you leave, because cover is priced on your age and health at the time you apply.

Is my partner covered by my scheme?

No. Death in service covers the employee.

Calculators

Life cover calculator

Debts to clear, plus the income that would have to be replaced, less what is already in place.

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Where this fits

We can calculate the difference between your household's costs and what your employer would pay.

Death in service and relevant life coverGet a complimentary health check

The advisers for this subject

Sunny Bharj

Sunny Bharj

Independent Financial Adviser

Tony Springer

Tony Springer

Independent Financial Adviser

Advising through Equity & General Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority. Check the firm on the FCA register under number 474163.

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