Life insurance vs death in service benefits

There are two main types of benefits that can be provided to employees by their employer: life insurance and death in service benefits. Both of these benefits can help employees' families financially if they die while employed.

In this article:

What are life insurance and death in service benefits?
How do they differ?

What are life insurance and death in service benefits?

Which is better for you? There are two main types of benefits that can be provided to employees by their employer: life insurance and death in service benefits. Both of these benefits can help employees financially if they die while employed.

There are several different types of life insurance and death in service benefits. The most common type of life insurance is term life insurance. This type of insurance provides a death benefit for a specific period of time, such as 10 or 20 years.

The benefits of having life insurance and death in service benefits are that they can provide financial security for the policyholder's family in the event of the policyholder's death. They can also provide peace of mind for the policyholder knowing that their family will be taken care of financially if they die.

There are several ways to get life insurance and death in service benefits. The most common way is through an employer-sponsored life insurance plan. Employees can also purchase life insurance policies on their own.

How do they differ?

When it comes to life insurance and death in service benefits, there are some key differences between men and women.

For instance, despite increasing gender equality in society, in the UK women still tend to be the primary caregivers in a family, meaning they have more responsibilities when it comes to managing the household and caring for children. This can make it more difficult for them to work full-time and earn a steady income. As a result, women are often more reliant on their partners having life insurance or death in service benefits to provide financial security for their families in the event of their death.

Men, on the other hand, are statistically more likely to be the primary breadwinners in a family. This means they are more likely to have a steady income and be able to work full-time. As a result, men are often less reliant on their partner having insurance and death in service benefits. However, this does not mean that they are not important, as not every man could pay off the mortgage by himself.