Life Insurance

These policies can provide benefits in the form of a lump sum or a spouse’s, civil partner’s or dependants’ pension, or both. The benefits are payable if you die before retirement.

These policies are usually only available in conjunction with a Clerical Medical pension and paid for by your employer.

The amount of the lump sum benefit must be expressed as a whole multiple of your salary. The benefit will be paid as a lump sum to the maximum extent permitted. Any remainder will be used to provide a pension for a spouse or dependant. The employer will specify the level of benefits to be provided.