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. With our relevant life insurance, we can cover up to 35 times salary (depending on age).
Where is it 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.
Meet Smart Health - the health and wellbeing service from AIG, designed with your physical and mental wellbeing in mind. Whether you need to talk to a registered UK GP or want to get some hints and tips from a nutritionist, you’ll be able to chat to a professional 24/7, 365 days a year and from anywhere in the world - all at no additional cost. There’s no cap on how many times you can use it, and your partner and any children up to age 21 can take advantage too.
Smart Health is provided to AIG Life Limited customers by Teladoc Health.
Smart Health and Best Doctors are non-contractual benefits, meaning they don’t form part of an insurance contract with us. The services can be withdrawn at any time without notice.