Relevant Life Insurance

Relevant life insurance is a policy designed for businesses that want to provide life cover for individual employees. Read on to discover why this may be a suitable protection product for your business.

How does relevant life insurance work?

Relevant life insurance is an alternative way to provide death-in-service benefits for employees. In the event of an employee’s death whilst the plan is in place, a lump sum will be paid out to their family. Terminal illness cover may also be included in the policy, in which case a pay-out could be made if the employee is diagnosed with a terminal illness and has a life expectancy of less than twelve months.

A Smart Choice for Smaller Businesses

Looking for an affordable way to offer valuable life insurance to your employees, even without a large group scheme? Relevant life insurance might be the perfect solution.

Here’s why it’s gaining traction:

  • Cost-effective: Ideal for smaller businesses, it provides employee death benefits without burdening them with premiums. The company covers the cost, often treated as a deductible business expense.
  • Tax-efficient: Both employers and employees benefit from favourable tax treatment, making it a win-win.
  • Competitive advantage: Attract and retain top talent by offering this sought-after employee benefit, setting your business apart.

Ask us about relevant life insurance

Key features:

  • Company-owned policy: The business holds the policy, with benefits flowing to the employee’s chosen beneficiary upon death.
  • Limited coverage: Typically covers a multiple of the employee’s salary, ensuring financial support for loved ones.
  • Termination clause: Coverage usually ends when the employee leaves the company.

Relevant life insurance can offer valuable protection and peace of mind for your employees while remaining budget-friendly for your business. We can work with you to explore this option and potentially elevate your employee benefits package.

 

Information given during the application will form part of the legal relationship between you and the protection provider. If any information is omitted or found to be incorrect it may mean that a claim is not paid, or the policy is amended or cancelled

“The team at SN Financial have helped us protect and grow our business, and even helped us on a personal level with mortgage advice. I would highly recommend – friendly but professional!”

Greg Smith

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Financial advisory in Worcestershire and Kent

Based in Droitwich Spa, we’ve proudly supported clients of all ages since 2004. The opening of our second office in Sevenoaks allowed us to extend our bespoke financial services even further, making SN Financial a trusted financial adviser for individuals, couples, families and businesses across Worcestershire, Kent and the rest of the UK.

Droitwich Office

5 Saltway, Droitwich, Worcestershire, WR9 8LB
01905 779697

Sevenoaks Office

46 Holly Bush Lane, Sevenoaks, Kent, TN13 3TL
01732 926255