Relevant life cover

Relevant life insurance is an affordable, cost-effective and convenient way to provide death-in-service benefits for staff in smaller to larger businesses. This type of policy covers a single employee, with director-level employees often taking out this sort of cover for themselves.

The beauty of relevant life policies is that they can be tailored to your specific needs. So whatever the size or budget of your business, you will be able to find the right level of protection for your staff.

This form of life insurance is a great way to look after your team if something happens to them, providing peace of mind both for them and their loved ones. It also assures you that all financial costs associated with their death are taken care of.

Getting to know you

Who should consider relevant life cover?

Relevant life cover is usually most suitable for businesses that are too small to consider setting up a full group protection scheme. If you have less than 250 employees and are looking for a cost-effective way to provide death in service benefits, then relevant life insurance may be the ideal solution.

It can also be used by directors who want to provide themselves with protection from any financial loss if they die or become terminally ill while still employed by the business.

No matter what kind of business you run, there may come a time when relevant life insurance will be worth considering.

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What are the benefits for companies having relevant life cover?

Relevant life cover provides many advantages to both businesses and their personnel, making it an invaluable asset.

The benefits of relevant life insurance for employees include:

  • Financial security and peace of mind in the event of their death or terminal illness.
  • An assurance that their family will be taken care of, should anything happen to them while they are employed.
  • The potential to receive a lump sum payment in the event of their death or terminal illness, which can be used to help support family members financially.
  • Knowing that their employer has taken the time to provide them with additional financial protection.
  • Greater job satisfaction and loyalty due to feeling valued by their employer for providing this type of cover.

The benefits of relevant life insurance for employers include:

  • Tax relief on the premiums paid, making it a cost-effective way to provide death in service benefits to staff.
  • The ability to treat the premiums as an expense, thus reducing their taxable profits.
  • For larger businesses, no need to count these payments towards the lifetime pension allowance.
  • An assurance that their staff are taken care of in the event of an employee’s death or terminal illness.
  • Improved job satisfaction and loyalty from employees knowing they are cared for by their employer.
  • A simple solution that can easily be tailored to meet specific business needs.
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The difference between life insurance and relevant life insurance

Relevant life insurance differs from traditional life insurance, in that it covers an individual’s death-in-service benefits while they are still employed.

This means that if the employee dies whilst on active service, the relevant life policy will pay out a lump sum to dependents or beneficiaries.

For employers, relevant life policies provide tax relief on premiums paid, making them a cost-effective way to provide death in service benefits for staff.

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Compare relevant life insurance for the best deal for you.

Our team of UK life insurance brokers search the entire insurance market and compare the best insurance protection cover quotes to get the best one for your situation and needs.

Relevant life cover can be flexible and work around you. We review our providers each year to make sure you are getting the best deal for you.

We're here to take everything off your hands and leave the living up to you.

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