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Formal verification is increasingly used for checking and proving the correctness of digital systems. In this paper, we present formal verification as a cost-effective technique for the verification and validation of model-based safety-critical embedded systems. We start by explaining how formal verification can be easily integrated in a model-based development methodology for critical embedded software. In the methodology examined, the development methods are based upon a formal and deterministic language representation and a correct-by-construction automatic code generation. In this methodology, formal verification proves that what you execute conforms to safety requirements, and what you execute is exactly what you embed. We show the impacts and benefits of using formal verification in software development that must be compliant with the IEC 61508 standards, especially for SIL 3 and SIL 4 software development.