What is Life assurance benefit?
Updated 11 December 2015
This is a benefit you can pay for that provides a lump sum and/or a dependant’s annuity when you die. Under your current pension, you might have the option to take out life assurance benefit or you might have life assurance benefit in place.
If you have the option to take out life assurance benefit under your current pension plan but haven’t done this yet, you would lose the option if you transfer your pension to Retiready. If you have life assurance benefit in place under your current pension, the cover will stop if you transfer your pension to Retiready.
You should think about making other arrangements to provide this benefit in future. It might cost you more, depending on your current age and health.