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Health and wellbeing assessments
Cycle to work
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Additional Select Contributions
Life assurance
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Childcare vouchers
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More cover
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Life assurance
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Flex your lump sum life cover – choose between one and seven times your salary
Life assurance through the Aon UK Life Assurance Scheme is a valuable benefit, providing peace of mind and financial security for your family in the event that you should die while employed by Aon. But if, for example, you have no dependants, you may wish to opt for a lower level of cover and instead receive additional salary or buy other Select benefits. Alternatively you can give your family a higher level of protection by increasing your cover within the limits allowed.
Key points
- You must keep a minimum level of 1x salary life assurance cover and you can choose up to a maximum of 7x salary (or the insurer’s Free Cover Level, currently £1.75m, if lower)
- Your flex fund includes an amount equal to the cost of 4x salary cover, which is the standard benefit level. If you increase your cover above 4x salary you pay the difference in cost. But there is no tax or national insurance (NI) on life cover making it particularly good value.
- If you choose less than 4x salary cover you will receive a salary credit. You will pay tax and NI on the extra salary you receive
- Life assurance cover can only be increased by a 1x salary step each year. You should bear this in mind if you reduce your benefit level
- If you currently have 4x salary cover you have a one-off opportunity to increase it at 1 January 2010 to 7x salary (or £1.75m if lower). After this, the normal single step increase rule will apply
- For new joiners the maximum 7x salary cover can be chosen the first time you enrol in Select. At all future enrolments, you can only increase the benefit by a single salary step
- Increases in cover are subject to an ‘actively at work’ (AAW) condition – check the AAW definition in the benefit details document
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