Relevant Life Plans
Although not a Business Protection product, a Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It’s a family protection policy designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness, while in employment during the term. A Relevant Life Plan is paid for by the employer.
This plan is aimed at:
• Employers looking to provide ‘death in service’ benefits, but with too few employees to set up a group scheme.
• Directors wishing to provide their own individual ‘death in service’ benefits in a tax-efficient manner.
• High earning individuals, such as directors, who are looking for ‘Death in Service’ benefits without affecting their Pension Lifetime allowance.
