Relevant Life Insurance
Relevant life insurance is a type of policy that a business can take out to provide life insurance for an individual employee. It’s an alternative way employers can provide death-in-service benefits for employees outside of a registered group life scheme.
Where it's suitable
Businesses without a group scheme
Employees nearing maximum allowances
What it provides
Relevant life insurance gives employees free life insurance, as it’s applied for and paid for by the business. It is written into trust and pays out a lump sum to trustees for the benefit of the beneficiaries if employees die or are diagnosed with a terminal illness that meets our definition while employed during the policy term. It’s a benefit that can make staff feel valued. And it’s tax-efficient too - for all parties.
Tax efficient for your business
Tax efficient for employees
Separate from employee's lifetime pension allowance
Any payout from the policy will not count towards an employee’s lifetime pension allowance.
We give the person insured access to Best Doctors for invaluable second medical opinions. Their knowledge helps the individual and their immediate family get the right diagnosis, treatment and care.
From on-demand consultations with UK based GPs, to Best Doctors - the expert case management service with the world’s top medical specialists, our Smart Health service is a convenient way to connect you and your family to tools to help manage your family’s health and wellbeing from anywhere in the world, 24/7.
Smart Health and Best Doctors are non-contractual benefits which can be withdrawn at any time without notice.