Relevant life cover
Relevant life cover offers a tax efficient way for an employer – usually a small business, to provide life cover for an employee. It is designed to help protect the employee’s family against the impact of their death or diagnosis with a terminal illness whilst they are employed by paying out a lump sum.
A Relevant Life Plan is paid for by the employer.
Who is a relevant life plan for?
- 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.
Relevant Life Plans are not available where there is no employee/employer relationship. For example: sole traders, equity partners of a partnership or equity members of a Limited Liability Partnership.
For more information on which protection policy best suits your needs call our expert team today.