This is a fantastic and tax-efficient way to offer an employee benefits scheme or to provide cover for your company directors.
Directors | Employees | Claim back tax
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What is relevant life insurance?
A relevant life policy is a life insurance plan employers provide to employees. The policy is an individual death-in-service benefit.
Also known as death in service benefit or group life insurance, this product is tax-deductible and helps to retain staff with ‘company perks’.
Get a relevant or group life insurance quote
How does a relevant life plan benefit business owners?
Pays out 25x the agreed salary
Reduce premiums by up to 49%
Secure & attract new talent
Relevant life policies can provide tax savings that reduce premiums by up to 49%, help secure or attract new talent to your business, offer an excellent way to provide security for your directors or employees and provide substantial levels of cover, up to 25 times the employee’s remuneration package.
Is there a difference between Group & Relevant Life?
Both types of insurance are employer-funded, providing similar tax benefits. However, there are key differences in their application criteria:
Group Life Insurance.
Requires a minimum of three employees to qualify. This option is ideal for businesses with multiple employees, offering a straightforward way to provide life insurance cover without any underwriting.
Relevant Life Insurance.
Developed for smaller companies or individuals who don’t meet the group policy criteria. Each policy requires individual underwriting, making it suitable for companies with fewer than three employees.
Things you should know about relevant life plans.
All Relevant Life insurance policies MUST be written into Trust with the business as the owner of the policy. Benefits will be paid into a Discretionary Trust direct to the employees family.
It is important to remember that this is not key person insurance; it is a type of business protection to cover individual employees and not your company.
Is relevant life insurance the right policy for your company:
- Paid for and taken out by the company for employees
- Pays out a tax-free cash lump sum on the death and critical illness of an employee
- Maximum term to the 75th Birthday of an employee
- Cover can be decreasing or level-term
Price Promise.
As an award-winning specialist Insurance Broker for those with medical conditions, non-standard occupations or participating in extreme sports we will never be beaten on price.
How to apply for a relevant life insurance.
Applying for relevant life insurance couldn’t be easier, follow our 3 steps to protect you and your employees.
Contact us
Complete the contact form below.
Answer a few questions
We’ll call you to discuss your business needs.
Choose your cover
We’ll find cover to fit your needs and budget.
Start the application process today.
Members of the PDG.
The Insurance Surgery are members of the Protection Distributors Group (PDG). The PDG aims to help people find the protection they need by encouraging insurers and intermediaries to deliver better consumer outcomes.
Members of the BIBA.
The Insurance Surgery is a member of the British Insurance Brokers Association (BIBA), which represents and protects the best interests of our insurance broker and intermediary members and their customers.
