Would your death in service workcover be sufficient ?

Some employers give their staff some extra financial security by providing a 'death in service' benefit.
That doesn't mean you have to die while actually doing your job to qualify, just that if you die while working for that employer then they will pay an agreed amount. That amount varies but is usually a multiple of your salary, for example, a lump sum payment of four years of your pay.

You might find that that's enough cover. If you've nearly cleared your mortgage and your kids are about to leave home, then you may decide that this payout would be sufficient to protect your loved ones.

However, if it wouldn't cover all your family's costs then it's a good idea to consider a life insurance policy, too

Remember!
If you leave or lose your job you're likely to lose any insurance benefits offered by your employer

Don't worry, that wouldn't cancel your death in service benefit - they would both still pay out if you died as it is possible to hold multiple life insurance policies. Before cancelling a life insurance policy in order to rely on a death in service benefit, be aware that you would lose that benefit if you lost your job. At that point, you might find it hard to qualify for life cover again, or at least be facing higher premiums. Think carefully before ending a policy early