Work life insurance

bungalow_bill

Hi, any help out there much appreciated.
Company has asked me to fill out forms for 'key worker' insurance. It seems they pay premiums and if something happens to me, and I'm unable to work, they get pay out.

Just feel very suspicious at this, and not really sure why they're doing it, I'm not particulalry special, and yet they want to insure me. They also haven't rewarded me for being 'special' to the company in the way of pay rise or perks for the last few years.

Any advice please????

dunstonh

Just feel very suspicious at this,

Its quite normal and many businesses do it for key workers where the business could lose out financially.

Obviously something you do is important to the company and would create a loss (you cant just insure anyone for no reason). Probably best you ask them and maybe talk about your importance and pay packet at the same time

mikey72

or alternatively

http://www.cbs.com/primetime/csi_miami/recaps/809/recaps.php

amitkum

I think it is normal, or else you can demand insurance documents.

Cautious_Investor_3

Selden wrote: »

As dustonh points out, key person insurance is only appropriate where your death would cause significant loss to the employer - in other words, where you have skills or knowledge that would be difficult to replace. Otherwise your employer's interest in your life is typically limited to the value of your period of notice.

Is your employer a US firm? In some states the legal position is rather different, leading to the sale of what Michael Moore has termed "dead peasant insurance"...

Hi

Key person insurance doesn't have to be for death, it can help an employer replace the employee should they be unable to work due to sickness for a prolonged period of time.

The Cautious Investor

bungalow_bill

Thanks all - really useful comments

Very small UK company, so surprised when this came out of the blue. Pay frozen for a while like all in private sector, so comments about negotiations on pay packet may be relevant!

Insurance seems to be covering, death, or incapacity to work longterm. - will watch out for arsenic flavoured tea

One more question can you refuse?