Relevant Life Insurance allows business owners to provide their employees with death-in-service benefits outside a registered group life scheme.
Relevant Life Insurance
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Scott Mulligan
Senior Sales Consultant
Providing employees reassurance, that their loved ones will be supported.
We compare all Relevant Life Insurance providers
What is Relevant Life Insurance?
Relevant Life Insurance is an alternative solution to Group Life Insurance and offers a cost effective way to provide an employee with death in service benefit that will sit outside their annual or lifetime pension allowance.
It is also a tax efficient option as the premium is paid by the company and classed as an allowable expense and therefore not a benefit in kind for the employee.
Is Relevant Life Insurance a cost effective solution?
Relevant Life Insurance is uniquely tailored to employers specific requirements. The cost to an employer can work out much less than the cost to an employee arranging an equivalent personal life policy.
This type of policy is viewed as an allowable business expense by HMRC with all premiums and paid benefits qualifying for full Income Tax relief, National Insurance relief and Corporation Tax relief. This means premiums could be reduced by up to 49% compared to a typical life policy if the employee is a higher rate taxpayer. For a basic rate taxpayer this figure could be up to 40%.
We have access to all private medical insurers in the UK
Our unbiased and independent advice, we can help you find the best policy solutions.
Who does Relevant Life Insurance cover?
A Relevant Life Insurance is an appealing policy to employees. Here are the types of people who may wish to take out this cover:
- 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 without taking out a scheme on all employees.
- High earning individuals, such as directors, where death-in-service does not form part of their ‘lifetime allowance’ (£1.073 million 2021/22).
Relevant Life Insurance plans are not available where there is no employer/employee relationship. For example, sole traders, equity partners of a partnership or equity members of a Limited Liability Partnership.
As a company paid policy, insurance providers define the level of cover as a multiple of your income which can include your salary, bonus, regular dividends and the cash value of any benefit in kind.
The maximum level of cover is age dependant but most insurers will allow you to cover up to 15 times your total remuneration.
As an employee benefit many companies often provide around 4 times salary as a benefit. However, with Relevant Life Insurance employees can increase their level of cover to ensure their loved ones are taken care of should they pass away.
Where Relevant Life Insurance is a company paid policy the level of cover is often aligned with the policy holders expected retirement age.
When setting up cover you will need to decide on an age at which the policy will cease, this can be any age right up to 75 years old.
Providing you with independent and unbiased advice
We review all policy providers and are dedicated in finding you the best fit solution for your business.
We review and compare all policy providers and have extensive experience and market knowledge allowing us to give you the best advice. We have processed over 5,000 claims and have helped 650+ businesses switch to better providers saving them time and money.
Why should you choose Personal Healthcare management?
We at Personal Healthcare Management understand the value of family and importance of supporting one another.
Losing a loved one that may be the main earner in the house can bring about so many emotions. Emotions that you may not be ready to deal with and that’s why having a Relevant Life Insurance policy can help bring peace of mind to you and your employees.
- Our services are free for businesses
You do not have to pay us a penny, neither do you pay more for your policy. We work strictly on a referral bases with the insurance providers which means it doesn’t impact your premium. - Full market review
We have access to all private medical insurers in the UK, which helps us find the best solution for your needs. - Independent and unbiased
Our advisors have no obligation to any one insurance provider, that is how we guarantee unbiased advice - Qualified advisors
We are members of four HAB’s (Healthcare Insurance Advisory Board)
It's easy to understand
We have refined our process to make things as simple as possible
1
Do you have an existing
policy?
If you hold a policy and would like a full market review or would like us to become your broker, click on ‘switch providers’ below.
2
Are you looking for a new policy?
Select and read about the policy you are interested in for your business from our services menu and click Request a Quote.
3
Provide us with some information
Once you’ve made your selection, help speed up the process by completing a form and providing us with some information.
4
We will call you back and discuss your options
We will use your information to find you the best premium for your team and deliver you independent and unbiased advice.
We do all the research to make your choice easier
We are experts in our field
Providing you with independent and unbiased advice for all your healthcare insurance needs.
We have been working hard on presenting our customers with the best policies from the best providers to fit their business healthcare needs, to create desirable and fit for purpose employee benefits packages.
1
Confirm you're with the best provider
We’re one of only a few brokers who request quotes from every insurer and present you with every possible option.
2
Experienced Consultants
We are experts in the finer details of business healthcare insurance. We’ll advise on the best options for you.
3
Full Annual Reviews
We’ll automatically re-audit the entire market at every policy renewal date and present you with our findings annually.