A Relevant Life Policy is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness whilst employed during the term. A Relevant Life Policy is paid for by the employer.
Who is it aimed at?
- Employers looking to provide ‘death in service’ benefits, but with too few employees to set up a group scheme.
- Directors wishing to provide their own individual ‘death in service’ benefits without taking out a scheme on all employees.
- High earning individuals, such as directors, where ‘death in service’ does not form part of their ‘lifetime allowance’ (£1.5 million 2012/13).
Relevant Life Policies are not available where there is no employer/employee relationship. For example, sole traders, equity partners of a partnership or equity members of a Limited Liability Partnership.
What makes it cost effective?
Relevant Life Policies are similar to most other types of life cover except they aim to provide a tax efficient benefit provided by an employer for an employee.
Call us today so we can demonstrate how effective a Relevant Life Policy can be for you on 01332 678 081.
Why choose our Relevant Life Policy?
- A big saving can effectively be made on life cover, as a Relevant Life Policy can work out much cheaper than a typical life policy.
- When it comes to financial underwriting, we’ll always aim to make life easier. Some providers need supporting financial evidence at lower levels of cover, but others don’t ask to see financial evidence until the benefit exceeds £2.5 million.
- We’ve made the application process as simple as possible. We offer straightforward advice and recommendations, which will allow an application to be completed as smoothly as possible allowing your business to continue trouble free.
Relevant Life Policy Trust
A Relevant Life Policy is designed to be written in a discretionary trust at outset, with the employee’s family and dependants as beneficiaries. If the plan is not placed in trust at outset.
Call today for a FREE consultation on 01332 678 081 or email firstname.lastname@example.org