A Relevant Life Plan allows employers to give death-in-service benefits to their employees.
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. It’s also useful for small businesses that don’t have enough eligible employees to justify a group
Relevant Life Plans are available as a stand-alone, single life plan. Premiums can be treated as an allowable expense for the employer in calculating their tax liability. The cover is portable so employees can take it to a new employer without having to answer any new underwriting or medical questions. The cover is flexible – it can be written on either a level, decreasing or increasing basis. The employee or their family can make a claim when the person covered dies or meets the providers’ definition of a terminal illness.