Relevant Life Plan - Overview

Do your clients still need convincing? Here are some of the reasons why they should take out a Relevant Life Plan with us.

A Relevant Life Plan allows employers to give death-in-service benefits to their employees outside of a registered group life scheme.

This type of plan could help high-earning employees who have substantial pension funds and don't want their death-in-service benefits to form part of their lifetime allowance.

And it's also useful for small businesses that don't have enough eligible employees to justify a group life scheme.

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The advantages of relevant life cover

Our Relevant Life Plan is available as a stand-alone, single life plan. Premiums can be treated as an allowable expense for the employer in calculating their tax liability, as long as they qualify under the 'wholly and exclusively' rules.

And the cover is portable so employees can take it to a new employer without having to answer any new underwriting or medical questions.

Client benefits - Relevant Life Plan

  • Peace of mind - In most cases the benefits are paid free of inheritance tax - provided they're paid through a discretionary trust.
  • Adaptability to life's changes - we know life never stays the same for long. Cover can be increased without the need for new medical evidence.
  • Underwrite Later - there are times when we need to request further medical information in order to fully assess a client's application. This can sometimes cause delays, but with our Underwrite Later option, Life Cover of up to £3.5m can be started straight away, while we are waiting for the medical information - providing valuable peace of mind that your client's business is protected at this time. 
  • Personal care on call - our Helping Hand service can help a client's business, and the person covered and their family (spouse/partner and children) cope with the devastating effects of a terminal illness or death.
  • Claims settlement - our dedicated claims team make sure we pay out claims quickly and efficiently.

Things to think about with this type of plan

A Relevant Life Plan must only pay out as a lump sum to an individual or charity on the death of the person covered.

The payout can't be re-invested in a client's business. It's also important that the plan doesn't provide any other benefit and that it's not used for the purpose of tax avoidance.

Want more information?

See all the features of our Relevant Life Plan 

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.