Why life assurance deserves a place in your benefits package

When it comes to employee benefits, life assurance, or death in service benefit, is often overlooked, yet it plays a crucial role in protecting employees and their families. Offering life assurance is not just a way to provide financial security - it also demonstrates that your organisation values its people and is committed to supporting them in times of need.

Protecting what matters most

Life assurance provides a lump sum payment to beneficiaries if an employee passes away. For families, this can mean covering mortgage payments, daily living costs, and future plans such as education. Without this safety net, the financial impact of losing a loved one can be devastating. From the employee’s perspective, knowing their family is protected brings peace of mind and reduces stress while at work safe in the knowledge that they do not need to spend their own money providing similar cover.

Enhancing your benefits offering

In a competitive job market, benefits are increasingly important for attracting and retaining talent. While salary remains a key factor, employees are looking for meaningful benefits that support their wellbeing and provide long-term security. Life assurance is a clear example of a benefit that adds real value. Offering it as part of your package helps your organisation stand out and demonstrates a commitment to employee welfare and all our benefits research (link to SME Benefits Trends Report) points to it being one of the most important benefits.

Supporting financial wellbeing

Life assurance is part of a wider approach to financial wellbeing, giving employees confidence that their loved ones are protected. Combined with other benefits such as workplace pensions, income protection, and health cover, it helps build a more resilient and supported workforce.

Flexible options for employers

Life assurance schemes can be designed to suit different types of organisations and budgets. From group life cover included in employee packages to voluntary schemes where employees choose the level of cover, there is flexibility to meet business needs while providing meaningful protection. This makes it easier for employers to implement a solution that aligns with their workforce and corporate objectives.

How to make life assurance work for your business

Introducing life assurance can be straightforward when approached thoughtfully. Start by understanding the needs of your employees - consider their family situations and financial responsibilities. Choose a provider that makes it easy to manage the scheme and offers clear guidance for employees. Communication is key, so make sure employees know how the cover works and what it provides for their loved ones. Finally, revisit the policy regularly to ensure it continues to meet the needs of your workforce and reflects any changes in your business.

At Howden Group, we help you protect what matters most, speak to us about adding life assurance to your benefits package and giving your employees peace of mind.

Howden Employee Benefits & Wellbeing is part of the Howden Broking Group. Registered in England and Wales under company number 2248238, with its registered office at One Creechurch Place, London EC3A 5AF. Authorised and regulated by the Financial Conduct Authority. Calls may be monitored and recorded for quality assurance purposes.