What is Relevant life insurance?

Relevant life insurance is a type of insurance policy that a business could use to provide life insurance for its individual employees. Relevant life policy insurance is the death-in-service benefit for employees outside of other registered group life schemes. It would be used in situations where an employee has no other life cover, or if they have no other life cover at all. The term “relevant” means that it can only be used when there are no other options available.

The main difference between relevant and non-relevant life insurance is that relevant life insurance cannot be used as part of another scheme. For example, if an employer offers a pension scheme with a certain level of benefits, then this will not count towards relevant life insurance. If a person does not qualify for any other form of life insurance, then relevant life insurance may be their only option.

Protecting your business in case of if a key worker passes could always be overlooked in which a relevant life insurance policy could always help employees. A relevant policy pays out the lump sum if a company employee passes away. A good relevant life policy could save an employee up to 50% of tax as compared to regular life insurance plans. A relevant life policy also provides additional protection for businesses that offer health and dental care to their employees. This is because if an employee dies from illness while on holiday, the family member will receive a payout.

Why Choose Us?

A relevant life insurance policy provides a death benefit on the basis of the insured’s salary. This is different from most forms of life insurance which are based on age. A relevant life insurance policy usually covers the whole period of employment. However, some employers do choose to pay out a lump sum after a set number of years of service. We know it’s difficult to choose from many options so we can help you with your requirements.

RelevantLifePolicyInsurance.co.uk is a trading style of NeedingAdvice.co.uk Ltd who are registered as a limited company in England & Wales No. 12978572. Registered Address: 107-109 Far Bank, Shelley, Huddersfield, United Kingdom, HD8 8HT. NeedingAdvice.co.uk Ltd is an Appointed Representative of Rosemount Financial Solutions (IFA) Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). Entered on the FCA Register (https://register.fca.org.uk/) under reference 535515. The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

We always believe to provide you with the best life insurance deal for you and your employees. We are here to help you.

For more details about our services and products please contact us by filling the appointment form by clicking here.