You already have good life cover as a member of the LGPS, but you may want to take out some extra life cover with out AVC provider Prudential. The minimum amount you can take out is £5000, and the maximum amount you can take out is twice your pay. You can also take out cover to provide dependants’ pensions (rather than a one off payment). In this case Prudential will check the limits for you.
How much does it cost?
This depends on your age, whether you are a man or a woman, and how much cover you want. But as an example, a 36 year old man or woman can get £20,000 worth of cover for just under £15 a year after tax relief.
The cost actually goes up in three year age bands. As you move into the next age band, you can either pay a higher premium, or keep paying the same, and have less cover.
How to pay
Paying the premiums couldn’t be easier as the money is taken straight from your pay. What’s more, if you are a tax payer, you will automatically get tax relief through your pay.
Taking it further
To find out more about Additional Death Benefits or to go ahead, please call Prudential on 0800 012 1378.