Death in Service
Life assurance scheme available to all employees offering peace of mind if the worst was to happen
Klimatec employees are auto-enrolled into the company’s Death in Service Policy, operated by Canada Life.
The primary benefit of DIS offers employees a value of five times their current salary if they were to die whilst still being employed by Klimatec.
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In the unfortunate event that you pass away whilst employed by Klimatec, Canada Life will be notified & payment of five times your basic salary at the point of death will be released to your designated beneficiary.
It must be noted that whilst your expression of wish will be taken into consideration, there could still be issues releasing payment to the person that you have nominated. This will be dependent on your personal circumstances & any or all instructions that you may have made in a separate will. We recommend that you seek separate financial advice.
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The pay out covers any & all cause of death, so not just work-related injury.
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The policy will pay out regardless of the cause of death but is only available to any employee up to the age of 75. In the unlikely event that Klimatec still employs someone who reaches 75 years of age Klimatec would explore alternative options.
If you were to leave employment from Klimatec this benefit would stop immediately & no pay out would be made.
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This is a very important document that we highly recommend all employees complete ASAP. This is simply naming the person(s) who you wish to receive the pay out & confirming the % split (if required) as per your wishes.
You can download a copy of the Expression of Wish form here. Once complete please send to Amy.
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Yes, at anytime. Klimatec keep it on file & would require you to complete a new form & instruction to override the current version.
Klimatec’s Death in Service benefit is a life assurance scheme designed to pay a lump sum to your beneficiary(s) if you were to die for any reason during your employment with Klimatec. This is provided by Canada Life.
Klimatec will pay the premium that would be due & therefore there would be no cost to the employee. Under the current UK Government & Klimatec policy, life assurance is not classed as a benefit in kind which means no tax is due by the employee on the premium that Klimatec pays. If this ever changes Klimatec would notify all employees.
We have also set up the scheme as a “discretionary trust” which means that any claim made would not be classed as part of an employees estate. This means that any lump sum would be payable to the employees’ beneficiaries immediately & free of any tax implication.