Death in Service Scheme Secures Employees’ Finances at Booming Pensions Firm

Death in Service: Providing a Security Blanket

A firm advocate of financial security in retirement, Profile Pensions naturally recognised the importance of financial services and the part they play in providing certainty in people’s lives.

It was no surprise then that, back in 2016, Profile Pensions came to Drewberry to discuss Group Life Insurance (also known as Death in Service cover) for its approximately 75 employees.

“It was all about security at the end of the day,” says Michelle Donlin, Profile Pensions’ HR and Office Manager. “If the absolute worst does happen, Group Life Insurance means that your nearest and dearest are looked after.

“Obviously we hope that our workers will never have to use it, but we still wanted to offer them this security blanket.”

Why Group Life Insurance?

“Getting Group Life Insurance in place was a bit of a no-brainer. Our employees get comfort from knowing it’s there and we’re proud to provide that. We work hard to provide good benefits to our staff and show a commitment to our employees, so introducing an employee benefit was really a logical step.”

George Hay, an employee for 3 years, agrees. “I’ve just had a child, so it means a lot to have that peace of mind that if the worst happens, my family will be supported with four times my annual salary. It’s not something I hope will ever be needed, but it does take a big worry away for me.”

“You’ve got to remember that some people can’t afford to pay their own premiums and so appreciate having the company taking care of it for them,” notes Michelle.

“Alternatively, they may not be able to get cover due to medical restrictions. Yet because Group Life Insurance isn’t medically underwritten, all they need to do is complete their nomination of beneficiaries form and that’s it done.”

Moving On Up: Increasing Their Cover

Profile Pensions recently upped its cover from three times salary to four times salary. As their renewal approached, Profile Pensions came back to Drewberry to ask if they could increase their benefit.

“We were happy to facilitate this,” says Nadeem Farid, Head of Employee Benefits at Drewberry. “Clients frequently come back to us pleased with their scheme and, after a couple of years and / or as renewal approaches, look to increase the benefit provided.

This is one great way to show employees you’re addressing their needs on an ongoing basis by assessing their benefits regularly to make sure they remain fit for purpose rather than simply implementing a scheme and leaving it alone.”

“The cost of our cover had been relatively static for the past couple of years,” says Michelle. “Given this, we thought it wouldn’t hurt to see how much it would cost to increase our benefit to four times salary.

Nadeem came back with the new premiums very quickly and answered all my questions. As we felt the cost of the increase was reasonable, we upped the benefit on renewal. It really was as simple as that.”

Why Drewberry?

“My predecessor first came across Drewberry purely by chance,” recalls Michelle. “Although I can’t speak to how he got to Drewberry initially, I’m certainly very pleased he did! It’s such a slick and easy process to set up cover through Drewberry and keep the policy updated with joiners and leavers. They do so much for you so you actually have to do very little.

“Drewberry spends the time to get to know you, what you want to achieve and why you want to achieve it so you feel like you’re getting proper, holistic advice the whole time. They’re also sensitive to costs and will work with you to ensure your cover is within your budget if necessary, which we were very pleased with.

“Overall, the level of communication is fantastic and I feel like I’m getting an excellent level of service, so I’d absolutely recommend them to others. I’m extremely happy and definitely won’t be looking for another intermediary any time soon!”

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