Tax-efficient employee cover
Relevant Life Insurance or Relevant Life Insurance with employee significant illness is a potentially tax-efficient way for your business clients to provide life insurance for their employees.
Choice of covers
Life insurance or life insurance with employee significant illness. Clients can select level or increasing cover as well as total permanent disability
£1 million free cover
Free life cover of up to £1 million during the application process through our Business Protection Promise
Range of trust options
Helping to provide a tax-efficient cover solution
Why Relevant Life Insurance?
Our Relevant Life Insurance policy offers your business clients a number of benefits:
- Choice of covers - life cover or life and employee significant illness cover
- Flexible cover amounts and policy term
- Cover options - clients can select increasing cover and include total permanent disability with life and employee significant illness cover
- Specialist team of financial and medical underwriters - plus an online 'virtual underwriter' for immediate decisions
- Free life cover of up to £1 million during the application process through our Business Protection Promise
- Straightforward claims process backed by our dedicated UK-based claims team
Please note that Relevant Life Insurance provides cover only and has no cash-in value at any time.
Relevant Life Insurance benefit is paid as a lump sum. The amount of cover stays the same throughout the policy, unless increasing cover is selected.
- Life cover pays out on death or on diagnosis of a terminal illness that meets our definition
- Life and employee significant illness cover pays out on death, diagnosis of a terminal illness, or if an employee suffers a covered significant illness which results in their retirement or anticipated retirement.
Life cover premiums are guaranteed for the duration of the policy. Premiums for life and employee significant illness cover can be guaranteed or reviewable.
|Life cover||Life and employee significant illness cover|
73 at entry (or 69 with the increasing-cover option)
Cover must end before 75th birthday
64 at entry
Cover must end before 75th birthday (or 71st birthday with the total permanent disability option)
1 year (or 5 years with the increasing-cover option)
1 year (or 6 years with the reviewable-premiums option)
(subject to maximum age 75)
(subject to maximum age 75)
|Minimum premium|| |
£5 a month/£50 a year
£5 a month/£50 a year
Level cover - no maximum
Increasing cover - £5 million
|£3 million (or £2 million with the total permanent disability option)|
There are no additional charges for your client to pay. All charges for our Relevant Life Insurance policy are included in their premiums.
Your client’s cover will rise each year by 3%, 5% or in line with the Retail Prices Index (RPI) with no need for further underwriting.
Premiums will increase each year by 1 and a half times the cover increase - so, for example, a 3% rise in cover would increase the premium by 4.5%. If RPI increasing cover is selected and RPI is zero or negative, there’ll be no change to cover or premiums that year.
Total permanent disability
This is an optional benefit available with life and employee significant illness cover - the cover amount is paid if the life covered meets our definition of total permanent disability.
Relevant Life Insurance is designed for clients who want:
- To provide life cover for their employees with the option of protecting against the financial consequences of our specified illnesses
- Cover for a specified term
- To anticipate IHT liabilities.
It’s unlikely to be suitable for clients who want:
- An investment-linked arrangement
- Whole of life protection
- Cover with a cash-in value
Things to consider:
- Level of cover required
- Existing levels of cover
- Employees’ health, financial liabilities and for how long they’ll need cover
- Group Life Insurance
- Self-insurance for the employee
- Whole of life policy for the employee
Doing protection business just got easier
We're committed to making it easy to do protection business with us, so we've produced a range of helpful support materials - all designed to save you time.
ALPS tracking guide
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ALPS in focus guide
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Our digital hub contains everything you need to know about our underwriting.
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