Live, Love, Life
Cover for every moment
Peace of mind cover for all of life’s eventualities.
Relevant Life Cover
Relevant Life Cover allows employers to offer a death-in-service benefit to their employees. It is a tax-efficient life insurance policy, set up by the employer and pays out a tax-free lump sum on the death (or diagnosis of a terminal illness depending on the insurer) of the person insured. The proceeds go to the employee’s family, financial dependants and/or other nominated beneficiary.
This cover might benefit high-earning employees who might exceed their personal pension lifetime allowance or have members of group schemes who want to top up their benefits.
- Counts as a tax-deductible business expense (unlike some group schemes);
- The premiums are paid monthly;
- Flexibility of Guaranteed premiums or reviewable premiums depending on insurer;
- Benefits are usually free from inheritance tax; and
- Maximum amount of cover available is can be up to £10 million depending on insurer.