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Life Insurance with Critical Illness

Do I need life insurance if I have death in service?


Some employers provide death in service benefits which will usually give the employee a tax-free lump sum if they die while they still work for them. In many cases, it is tied to being part of the company pension and the amount paid will depend on the scheme.

However, death in service is not necessarily a replacement for life insurance. Often, it won't provide as much cover needed to provide for your family and it can't be assigned to repay a mortgage.

Something else to consider is that the benefits stop if you change employer, so to maintain cover you'll need to set up a separate policy. Rates for Life Insurance will be more expensive when you get older and future medical conditions can increase this further.

Lastly, with Life Insurance you have more options to fit your needs. For example, you can decide on the cover, term, who the money goes to when you die and take decreasing cover to repay a capital and interest mortgage.

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Understand life cover

We've created lots of useful information to guide you through the process of finding which life insurance product is right for you.

Find out more about life cover

Why choose LV=

An insurance provider you can trust established in 1843.

  • 97% of claims paid in 2016
  • UK's largest friendly society

Policy documents

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From what's covered, ways to get set up or even how to claim, our library of FAQs can help.

View our Life Insurance FAQs