Relevant Life Insurance Plan

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What is relevant life insurance?

Relevant life insurance is a life insurance policy that a company or business can offer to its staff, employees and directors. It is arranged by the company and will pay out a tax-free lump sum upon the death of the employee.

Relevant life cover is an employee benefit that might enable smaller businesses to attract and retain staff with a tax-efficient employee benefits package.

"Although not well-known, relevant life insurance is one way of providing your staff with death-in-service benefits that also have tax advantages for the business."

The employer pays the premiums on behalf of their employee(s) and the policy is written in Trust, so that a tax-free lump sum can be paid out in the event of their death or terminal illness diagnosis.

Typically a relevant life insurance plan is set up in a tax-efficient trust, with the employee's next of kin or dependents specified as beneficiaries.

As well as at the death in service of the employee, the relevant life insurance plan will usually pay out in the event that the employee is diagnosed with a terminal illness.

Relevant life insurance policies are available to salaried employees and directors of UK-based business - self-employed, sole traders and members of limited liability partnerships are not eligible for a relevant life insurance policy.

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