Your staff, your family. Show them how you care
Relevant Life cover is a cost-effective alternative assurance that is paid for by a company. It is extremely helpful to business owners and workers, especially if there’s not a lot of staff involved (in the case of small businesses). If you’re running a business with not enough headcount to establish a group scheme, or a director who’s looking into getting an individual “death in service” benefit without having to take out a scheme on all your staff, this policy may be exactly what you need.
WHAT DOES IT COVER?
Relevant life insurance provides a tax-free payout on the death-in-service cover. Whether linked to inflation or at a set amount, the lump sum will be paid to the employee in the event of a terminal illness diagnosis or to the employee’s beneficiary at the time of death within the term.
HOW DOES IT WORK?
The insurance provider will calculate the premium based on several factors related to the insured individual such as lifestyle, age, health, and role within the business. A regular monthly or annual premium will be paid by the employer for the duration of the term, and the payout amount is normally based on the employee’s salary. If the insured staff dies during the policy term, a tax-free lump sum payment will be made to their beneficiaries. The payout amount depends on the type of policy the employer took out. Providers offer different levels of cover and terms, depending on what you require.
Relevant Life Insurance
Let our professionals work with you on figuring out what’s suitable for your business and unique circumstances.
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