Relevant Life Plan - Overview

Here are some reasons why your clients 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.

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. 

  • Helping Hand

    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.

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