Frequently also referred to as death in service, relevant life insurance or a relevant life plan, relevant life cover enables employers to provide valuable employees with peace of mind. But what exactly is it and what are its benefits?

valuable employee with relevant life cover reading the paper

Exactly what is Relevant Life Cover?

Many companies now offer valued employees additional benefit packages. Typically forming part of comprehensive schemes, these packages are frequently based around life insurance.

Relevant life cover allows businesses to provide individual employees with life insurance cover and, if chosen, significant illness cover during their employment.

Issued in trust (meaning it will benefit the covered individual and his/her family/financial dependants, with beneficiaries stipulated by the employee), relevant life plans are single life policies covering the employee, with premiums to be paid for by the employer throughout the duration of the insured individual’s employment with the company. In many cases, continuation options allowing the employee to take the policy with them if they change employment/leave are available.

Typically ending at the employee’s chosen retirement age (the maximum being age 75), a relevant life policy will pay out in the event of his/her death or, if this option was selected, if he/she is diagnosed with a significant illness during the term of the policy.

The Benefits of Relevant Life Insurance

In addition to providing employees with peace of mind in the knowledge that they/their families are protected in case they should develop a significant illness (if added) or die, relevant life cover can also offer:

  • Tax benefits for both employers and employees (depending on whether certain legislative requirements are met)
  • Enable smaller companies to attract/retain high-class staff by offering attractive, tax-efficient benefits packages

The peace of mind provided by relevant life insurance can also significantly boost staff morale, which can, in turn, improve productivity and subsequently the company’s profitability.

Expert Help

Spectrum Financial Advice has years of experience in helping businesses of all sizes and industries obtain appropriate relevant life insurance for their most valued employees. Able to access an extensive range of policies, we can offer you complete flexibility and enable you to select the precise cover level you need.

Offering a genuinely bespoke service, we take time to fully understand you/your requirements and will:

  • Make the entire process of setting up relevant life plans for your employees easy by guiding you all the way from beginning to end.
  • Ensure your cover is personalised and will work for everyone involved by matching your policy to your specific requirements

In a nutshell, we will make it possible for you to show your employees just how much they are valued by offering them advantageous life insurance policies that will ensure their families are protected if something unexpected should happen. For more detailed information and/or to arrange your free, no-obligation review today, please call us on 01279 315 013 now. You can also use our contact form or e-mail us at: info@spectrumfa.co.uk.