What is a Relevant Life Plan?
A Relevant Life Plan or Relevant Life Insurance is a tax efficient life insurance policy for business owners, directors and other employees of the business that offers death-in-service benefits. These policies are ideal for smaller companies and remove the requirement to take out group protection cover. Significant Illness Insurance can also be added to the policy as an optional extra.
If the person covered on the policy passes away, the policy will pay out a pre agreed tax-free lump sum of money to the employee’s chosen beneficiary or family.
If significant illness insurance is included, the pay-out can be paid directly to the employee or their chosen beneficiary.
The premiums are paid by your business, usually as a tax deductible expense and are not usually classed as a benefit in kind.
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Please also take a look at our frequently asked questions (FAQs) towards the end of the page.
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