A Relevant Life Plan
Are you considering individual death in service benefits for your employees?
A Relevant Life Plan is a term assurance plan which employers can take out, to provide an individual death in service benefit for their employees. It works by paying a lump sum if the employee dies whilst employed during the policy term.
It will also provide a pay-out if the employee, during the time of their employment, is diagnosed with a terminal illness and meets the policy definition during the period of cover.
Why are they cost-effective?
Although similar to other types of cover, Relevant Life Plans aim to provide a tax efficient benefit from an employer for their employees. People are often unaware of these policies and their specific tax benefits, which apply whether you are a higher-rate tax or a basic-rate tax payer.
Contact us to discuss how you can provide this benefit for your employees.
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