Relevant Life Plan | Spectrum Financial Advice

Relevant Life Plans

Tax Efficient Life Insurance for Business Owners & Their Employees

Many businesses wish to offer additional benefits to their valued employees as part of a comprehensive scheme, and life insurance often forms the foundation of such a package. A Relevant Life Plan enables your business to provide life insurance cover with an option to also add significant illness cover, for your employees, including Directors. With a Relevant Life Plan, you will be able to ensure your most valued staff receive the peace of mind of knowing they and their loved ones are protected in the event of their death or significant illness (if selected).

A Relevant Life Plan must be issued under trust, from the start of the plan. We will arrange the trust, free of charge, as part of our service. This stipulates who the employee would like the benefit payable to. This includes the death benefit and also the significant illness benefit if selected. The employee is able to benefit from the significant illness cover, or this can be paid to their chosen beneficiary.

Spectrum Financial Advice have advised many  business owners on suitable Relevant Life Plans. Our access to a wide range of policies gives you complete flexibility and allows you to choose the exact level of cover you require. Some policies provide you with an option to add employee significant illness cover.

To find out more, continue reading and also have a look at our frequently asked questions (FAQs) towards the end of the page.

Contact us today for a fee-free, no obligation review to find out how easy it could be to protect and secure your future.

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Tailored Cover

Spectrum FA will tailor the cover to fit your exact requirements, so you only receive cover that suits your needs.

Reliable Insurance

Spectrum FA will advise on insurance policies from the leading names in the industry, so you can be sure you are covered.

Expert Advice

Spectrum FA have been giving advice to our clients for many years, so you know you will receive honest, impartial advice.

Why choose us?

Spectrum Financial Advice take the time to understand you and your individual needs. We offer you a truly bespoke service and will guide you from start to finish, making the whole process easy. With our tailored approach we will recommend suitable policies to match your requirements. With the help of Spectrum FA, you will be able to offer your employees (including Directors) an advantageous life insurance policy that will demonstrate how much you value them and ensure their family is protected should the worst happen.

To find out more about the benefits of a relevant life plan, arranged by Spectrum FA, please contact us today to arrange a free, no obligation review. You can get in touch with us by emailing, by phoning 01279 315 013 or by filling out the contact form on the website.

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View some of our frequently asked questions that some of our customers have asked.

What are Relevant Life Plans?

A Relevant Life Insurance policy is an individual death in service policy that can allow an employer to provide cost-effective and tax-efficient life cover for employees including directors. Relevant Life Plans provide life insurance with an option of adding employee significant illness cover that will benefit the family or loved ones of the employee covered on the policy. The premiums are paid by your business, as a tax deductible expense and are not usually classed as a benefit in kind by HMRC.

Employers can retain complete control over their Relevant Life Plans by choosing the elements they wish to have, such as;

  • Policy holders can choose between level cover – where the amount of cover remains the same throughout the policy – or increasing cover – where the cover amount increases to help protect against the future effects of inflation.
  • Policy holders can add Significant Illness Cover to the standard Life Cover, in which case the policy will pay out should the named individual be diagnosed with one of the specified significant illnesses and meets the definitions of the policy.
  • Policy holders can opt for a continuation benefit, which allows the individual named on the insurance to transfer the policy should they change employers, or they wish to transfer the policy to their personal name.

With Spectrum FA, employers can tailor their Relevant Life Plans to exactly match the needs of their business and their staff, ensuring a truly bespoke service. Spectrum FA will advise employers through all the available options and recommend suitable plans, to ensure the business achieves the correct policy for them.

Who can take out a Relevant Life Plan?

Relevant Life Plans are taken out by a business on behalf of one or more of their employees, including directors. The employee will choose their beneficiary on the policy, which will be realised in the event of the death. The significant illness benefit, if selected, can be paid to the employee or their chosen beneficiary.

Why should I take out a Relevant Life Plan?

A Relevant Life Plan is a tax efficient life insurance policy with an option to add employee significant illness cover. The policy is taken out by a business on behalf of one or more of their employees, including directors, and provides cover for the duration of the policy with the company. More and more in today’s competitive job market, individuals are turning to their employers to provide such basics as life insurance as part of a package of benefits additional to their basic salary. A Relevant Life Plan is the perfect way for businesses to offer their key employees a comprehensive but affordable life insurance policy, which is part of a benefit scheme.

Why use Spectrum FA to arrange Relevant Life Cover?

Spectrum FA have arranged Relevant Life Plans for many different types and sizes of businesses.

Being independent, we have access to the leading insurance providers in the market, at competitive premiums. We provide expert regulated advice and will tailor the cover to match the circumstances of you and your business.

We do not charge you a fee for our advice or service and you will speak directly to an expert who will guide you through the process and handle all the paperwork on your behalf.

To find out more about how we can help your business to provide Relevant Life Plans for your employees, please get in touch with us today to arrange a free no obligation review. You can contact us via the contact form on the website, by email at, or via phone on 01279 315 013.

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