Life assurance

Life assurance

We offer Life Assurance — at no cost — to protect you and your family.

  • How it works

    Iron Mountain provides all employees between the ages of 16 and 75 with life assurance, otherwise known as “Death in Service.” Life assurance, provided by AIG, offers financial protection to your nominated beneficiaries in the event of your death, in the form of a lump-sum payment.

  • Cover details

    Employee Cover

    You automatically receive a minimum of four times your annual salary,* but you may increase this amount to up to six times your salary up to a cover of £2,000,000 (subject to the insurer’s rules) at your own expense if you’d like added protection for your family.

    You’ll be placed in the Registered Scheme if your earnings are below £120,000 per year and in the Excepted Scheme if your earnings are above £120,000 per year. However, you have the option to elect cover on a Registered or Excepted basis at annual enrolment. Benefits payable under the Registered Scheme are tested against the Lump Sum Death Benefit Allowance (LSDBA, effective from 6 April 2024), which could potentially incur significant tax charges in the event that your total lump sum registered benefits exceed £1,073,100 (applicable for the 2024/25 tax year). Benefits payable under the Excepted Scheme will not be subject to the LSDBA, however, the tax regime governing this type of arrangement means that the benefits may be subject to periodic charges and exit charges instead.

    This benefit is subject to the terms of the insurance provider. Iron Mountain is not obliged to cover employees if the insurance provider does not accept their claim (for whatever reason).

    *Separate arrangements may apply if stated in your employment contract.

    Spouse or Partner Cover

    For greater peace of mind, you can also purchase life assurance for your spouse or partner. Learn more about this option.

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    Important Information About Taxes

    Iron Mountain can’t provide tax or legal advice on these matters, so it’s recommended you seek independent financial advice. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice.

  • Designate a beneficiary

    It’s important to designate one or more beneficiaries for your life assurance benefit. To designate a beneficiary, visit MyMap and complete an Expression of Wishes form.

  • Costs

    Here’s what you pay per month for £1,000 cover based on your age.

    Age Next Birthday at Entry/Renewal Monthly Rate Per £1,000 Age Next Birthday at Entry/Renewal Monthly Rate Per £1,000 Age Next Birthday at Entry/Renewal Monthly Rate Per £1,000
    17 £0.037 37 £0.027 57 £0.186
    18 £0.036 38 £0.029 58 £0.205
    19 £0.035 39 £0.032 59 £0.224
    20 £0.034 40 £0.035 60 £0.244
    21 £0.030 41 £0.038 61 £0.267
    22 £0.027 42 £0.042 62 £0.292
    23 £0.024 43 £0.046 63 £0.323
    24 £0.023 44 £0.050 64 £0.360
    25 £0.021 45 £0.056 65 £0.406
    26 £0.021 47 £0.062 67 £0.466
    27 £0.020 37 £0.070 57 £0.538
    28 £0.020 48 £0.077 68 £0.623
    29 £0.021 49 £0.085 69 £0.733
    30 £0.021 50 £0.094 70 £0.858
    31 £0.022 51 £0.103 71 £0.990
    32 £0.022 52 £0.113 72 £1.145
    33 £0.023 53 £0.125 73 £1.325
    34 £0.023 54 £0.138 74 £1.537
    35 £0.024 55 £0.153 75 £1.762
    36 £0.026 56 £0.169

Disclaimer

© 2024 Iron Mountain Incorporated. All Rights Reserved. This website is not intended to replace the Summary Plan Documents that provide further details on Iron Mountain medical, dental, vision, Flexible Spending Account (FSA), retirement, disability, Life, Accidental Death & Dismemberment (AD&D) and any additional plans available to you. This site is a brief synopsis of key features of your available benefits plans. It's intended to help you use these plans effectively and alert you to actions or situations that could limit the benefits you and your eligible dependents might receive. Refer to the Summary Plan Documents for exact terms and conditions of coverage. If any conflict arises between this site and the official Plan Documents, the terms of the actual Plan Documents or other applicable documents will govern. Iron Mountain reserves the right to change, modify or terminate the plans at any time. This website isn't a contract for purposes of employment or payment of benefits.

Certain employees subject to a collective bargaining agreement are only eligible to participate in certain benefits to the extent provided in the applicable collective bargaining agreement.

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