Relevant Life

The loss of an employee to death is never easy for businesses but it is especially hard for the family. Relevant Life Cover is a tax-efficient life insurance policy which allows companies to offer a death-in-service benefit to its employees (including salaried directors). It’s set up by the company and pays out a tax-free lump sum on the death (or diagnosis of a terminal illness) of the person insured. The proceeds go directly to the employee’s family or financial dependants. Also, claims paid under Relevant Life Cover don’t count towards a person’s pension lifetime allowance.

Does this count as a tax-deductible business expense and are benefits free from inheritance tax?
Yes, this is possible, and our consultants can discuss with you. We will always advise business is written in the most tax efficient way.

Why would we have a Relevant Life policy instead of a Group Life policy?
Your company may be too small to have a Group Life Policy. However, if you have a Group Life Policy you may be able to top up the benefits using a Relevant Life Policy.

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