What is Death Insurance

Insurance arrangement whereby the member's beneficiaries and/or dependants receive an insurance amount in the event of the member's death. It is common for the cost of cover to increase (or the cover itself to decrease) as a member's age increases, as a result of the increased risk of death as one ages. Member's insurance premiums are often deducted from the member's account balance. It is most important that members read the detail of their own scheme's insurance arrangements and decide what options, if any, they wish to exercise.