Relevant Life Cover is a tax-efficient life insurance policy designed for UK businesses to provide death-in-service benefits to their employees, including directors.
This type of policy offers a lump sum payout to the employee’s beneficiaries if they pass away while employed.
Unlike traditional Life Insurance, Relevant life cover is set up and paid for by the employer, offering potential tax savings for both the business and employee. It’s ideal for small businesses that don’t have enough employees to warrant a group life scheme.
This policy ensures that employees and directors can protect their families financially, with the added benefit of tax efficiency.