Relevant Life Insurance
Relevant Life Insurance is a variation on two of the traditional life insurance policies. - Personal cover taken out by an individual - Personal cover for an individual provided by a company (group) scheme. Typically called group insurance.
Relevant Life Insurance isn't significantly different to other forms of life cover. Upon death of the insured person or other qualifying conditions, a lump sum is paid to the stated beneficiaries.Who is Relevant Life Insurance for?
Relevant Life Insurance is designed to provide cost effective cover for - Small business who want to provide a level of company paid life cover, this could be for a director or employee but do not have enough eligible employees to qualify for a group policy. - Higher earning employees who do not want their death-in-service benefits to form part of their lifetime allowance and who have substantial pension funds.
In very small organisations a relevant life insurance policy is a practical way to offer the benefit of cover to the employees families, which is valued and appreciated.
It's particularly suited to directors of small companies who use personal income to service their premiums, also for higher earning individuals it can prove tax-efficient as the benefit is typically not included in their total lifetime maximum allowable benefit calculations.
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