Relevant life cover provides a tax-free lump sum to the beneficiaries of the insured employee if they are diagnosed with a critical illness or die in service.
It is a cost-effective way for small businesses to offer death in service benefit without the expense needed to set up a group life scheme. Suitable for businesses with a low number of employees, it is ideal for all key employees including high earners, directors and owners who can use the business to cover themselves as well as providing a perk for employees.
Paid for by the company, it is an efficient alternative to some life policies as the cost is deemed an allowable expense. This means the business gets tax relief on the premiums paid, unlike with a group life scheme, and reduces their corporation tax bill.
Please get in touch to discuss your business protection needs and I will find the best solution for you to provide a financial cushion for the families of your employees.