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.
Why take out relevant life insurance?
Relevant life insurance is a popular option for businesses that are too small to set up a group life insurance scheme, essentially giving company directors and employees free life insurance because the premiums are paid by the business. This type of policy is tax-efficient for both the employer and the employee, with premiums usually being categorised as an allowable business expense. In addition, it makes an excellent employee benefit that can result in your business standing out from the competition.
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If you’re interested in exploring relevant life insurance for your business, get in touch with our knowledgeable and friendly financial advisers today.
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Relevant Life Insurance in Worcestershire and Kent
Droitwich Office
5 Saltway, Droitwich, Worcestershire, WR9 8LB 01905 779697
Sevenoaks Office
46 Holly Bush Lane, Sevenoaks, Kent, TN13 3TL 01732 926255
