Relevant Life Insurance.
Secure the financial future of your loved ones with Relevant Life Insurance. Specifically designed for small businesses, contractors, and directors, this coverage provides a tax-efficient way to offer life insurance benefits.
- Provides a lump sum payment in case of a terminal diagnosis or death
- Plans can be transferred to individuals
- Benefits do not count towards Lifetime Allowance
What is Relevant Life Insurance?
Relevant life insurance is a tax-efficient way for a business to take out life insurance for an individual employee. It provides an alternative route for an employer to offer death-in-service benefits to employees outside of a registered group life scheme.
Why consider a Relevant Life plan?
- A small employer might not have enough employees to justify a group scheme.
- Relevant Life plans can provide a lump sum payment in case of a terminal diagnosis or death.
- These plans can be transferred to individuals if they leave their employer and are portable.
- Relevant Life plans appeal to high-earners with substantial pension funds because the benefits don’t count towards their Lifetime Allowance – the maximum amount that can be drawn from a pension scheme.
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hello@bespokebenefits.co.uk
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Why choose Bespoke Benefits for
Relevant Life Insurance?
At Bespoke Benefits, we tailor our offerings to uniquely fit your organisation’s needs, ensuring that every employee feels valued and supported. Our customised approach means you get more than just a standard benefits package – you get solutions that align perfectly with your company culture and employee preferences.
Expert advice
Benefit from knowledgeable guidance tailored to your specific needs.
Whole of market
Access a wide range of options and providers to find the best solution for you.
Year round support & advice
Receive continuous assistance and guidance throughout the year, whenever you need it.
What's covered by Relevant Life Insurance?
Relevant life insurance covers the life of an employee, providing a lump sum payment to their beneficiaries if they pass away while employed by the company.
This type of insurance is typically offered as a tax-efficient benefit by employers. It is designed to provide financial security to the employee’s family and dependents, ensuring they are supported in the event of the employee’s death.
Optional Extras
Group Income Protection can include extras dependant on your situation. Please book a benefit consultation to discuss your options further.
How do I get started with Relevant Life Insurance?
Book a Benefit Consultation
Schedule a personalised consultation with one of our expert advisors today.
We’ll take the time to understand your specific needs and guide you through the best coverage options available.
We'll review the market
We believe in providing you with the best options available.
That’s why we conduct thorough market reviews to ensure you get the most comprehensive and competitively priced insurance solutions.
We'll report back
After our thorough market review and personalised consultation, we’ll report back to you with our findings and recommendations.
Our goal is to ensure you have all the information you need to make the best decision for your insurance needs.
Relevant Life Insurance FAQs
What is covered by Relevant Life Insurance?
The coverage includes death benefits, which are paid out as a tax-free lump sum. Some policies also include terminal illness cover, meaning if the insured is diagnosed with a terminal illness and has less than 12 months to live, the benefit can be paid out early.
What is not covered by Relevant Life Insurance?
Relevant life insurance does not cover critical illness, disability, or unemployment; it solely provides financial protection in the event of the insured employee’s death or terminal illness diagnosis.
How much do Relevant Life Insurance cost?
The cost of relevant life insurance can vary based on several factors, including the age, health, and lifestyle of the employee, the amount of coverage, the term of the policy, and the insurance provider.
Key Factors Influencing Cost:
- Age: Younger employees generally have lower premiums because they are considered lower risk.
- Health: Healthier individuals with no pre-existing conditions typically receive lower rates. Insurers often require a medical examination or detailed health questionnaire.
- Lifestyle: Non-smokers and those with healthy lifestyles usually benefit from lower premiums.
- Coverage Amount: Higher sums assured will lead to higher premiums.
- Policy Term: Longer policy terms can increase the total cost, although annual premiums might be lower.
- Occupation: Jobs with higher risk may result in higher premiums.
We recommend booking a benefit consultation. That way, we can find out more about you and your circumstances.
Get a Quote for Relevant Life Insurance
Contact us today to experience personalised service, expert advice, and comprehensive coverage tailored to you.
- Personalised Service
Receive individual attention and custom-tailored insurance solutions designed to meet your specific needs and circumstances.
- Expert Guidance
Benefit from the knowledge and experience of our team of professionals who are dedicated to providing clear, informed advice to help you make the best insurance decisions.
- Comprehensive Coverage
Explore a wide range of insurance options, from health and life insurance to home and travel, ensuring that you have all aspects of your life protected under one trusted provider.
Or get in touch directly
0116 502 0960
Speak to an expert today
hello@bespokebenefits.co.uk
We'll respond within 24 hours
