Help Does anyone know what happens to your pension and company life insurance if you die young in the UK?

[5er50ji]

I named my mum in my expression of wish life insurance policy at work, how exactly does life insurance work if it's not an accidental death? And does anyone know what will happen to my pension? Will my family get the full amount? I've made a document with my wishes and asked for a cardboard coffin, no big funeral or a wake and tried to come up with a general amount to save up for but I really have no idea what I'm doing. I know it's selfish of me but I kind of feel like like saying 'fuck it' and ctb as soon as possible and just hope my pension and life insurance covers as many things as possible because I really don't want to be here anymore I want to leave now.

 

[Echo]

I've been wondering the same questions as you. The life insurance I have through my employer is through a third party, who I dont know the name of to do some research. And I cant exactly ask my employer directly if theres a suicide clause! Hopefully someone on here with the knowledge will answer your questions.

 

[5er50ji]

I've been wondering the same questions as you. The life insurance I have through my employer is through a third party, who I dont know the name of to do some research. And I cant exactly ask my employer directly if theres a suicide clause! Hopefully someone on here with the knowledge will answer your questions.

Thank you and yes same, mine is through a third party as well so I have no idea what to even ask in an email to them. I'm sorry you're feeling low as well, finances are just another added burden to this mess :( I feel like a lot of the information on google doesn't always apply to our situation and is very confusing. I'm too scared to ask on Reddit I'd hate for family to be screwed over because I didn't plan properly

 

[Yuri440]

When I got my private insurance through work, they sent an email with the policy details, which includes every clause about your cover such as how much and what is or isn't covered. You don't have to give them info about why you want to know about the policy, just ask about who it's with and if they have something like a policy handbook so you can see the coverage. If they press as to why, just say you're curious because you're thinking of increasing it so your next of kin can have a better payout to cover funeral costs etc.

I also worked in insurance for a while, granted it was for home insurance, and there's nothing weird about asking for the policy details so you can see what you're covered for. I usually just sent them it via post or a pdf via email. I promise there's nothing to worry about when just asking for coverage.

As for pension, you can usually contact them and list your next of kin and they can pay it out to them I'm pretty sure, though honestly I'm not 100% on that.

Good luck <3

 

[5er50ji]

When I got my private insurance through work, they sent an email with the policy details, which includes every clause about your cover such as how much and what is or isn't covered. You don't have to give them info about why you want to know about the policy, just ask about who it's with and if they have something like a policy handbook so you can see the coverage. If they press as to why, just say you're curious because you're thinking of increasing it so your next of kin can have a better payout to cover funeral costs etc.

I also worked in insurance for a while, granted it was for home insurance, and there's nothing weird about asking for the policy details so you can see what you're covered for. I usually just sent them it via post or a pdf via email. I promise there's nothing to worry about when just asking for coverage.

As for pension, you can usually contact them and list your next of kin and they can pay it out to them I'm pretty sure, though honestly I'm not 100% on that.

Good luck <3

This is so helpful thank you I'm gonna start drafting an email. You're right they can't press me for reasons why I'm asking since I have the right to know about it! That's a good shout I'll ask what company the life insurance is with I'm sure the info is on their website or in some document emailed to me somewhere

 

[Yuri440]

It's typically part of the first batch of emails you get when you start setting up your work accounts, you'll have likely signed up to it during your onboarding. Honestly don't overthink the email, just something short and sweet to your manager like hey just wondering who our life insurance provider is, and what policy we have. Can you let me know please? Genuinely is that easy for ya haha. I imagine the pension is the same. At my last job we put our benefactors details into the work system, don't know if you guys use Workday at your place but that was the one, so you might have already done it as well. If not, just put that in the email too

 

[5er50ji]

It's typically part of the first batch of emails you get when you start setting up your work accounts, you'll have likely signed up to it during your onboarding. Honestly don't overthink the email, just something short and sweet to your manager like hey just wondering who our life insurance provider is, and what policy we have. Can you let me know please? Genuinely is that easy for ya haha. I imagine the pension is the same. At my last job we put our benefactors details into the work system, don't know if you guys use Workday at your place but that was the one, so you might have already done it as well. If not, just put that in the email too

Right I'm going to look for the emails sent to me during onboarding for both life insurance and pension. I feel so stupid for not paying attention when I got the job years ago thank you again, this is really helpful x

 

[Yuri440]

Haha don't be daft, when I was younger I never paid any attention at all. Didn't even really know what life insurance or pension was so when I was offered them by work I just said sure why not, throw it my way, then never touched it again.

Just give me a holler if you need help with understanding any of it, I don't mind having a gander at stuff <3