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Relevant Life Insurance

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Relevant life insurance is set up in a way that will allow an employer to provide an individual death-in-service policy to any or all of its employees. It is designed to pay a lump sum if the employee passes away or is diagnosed with a terminal illness. Relevant life insurance is paid for by the employer.

Relevant life insurance will ensure that if your employee passes away, their family will receive a pay-out to help with any financial worries. It can also form part of an attractive benefits package for employees.

Who can have a relevant life policy?

Relevant life insurance is available to employees of a company registered in the UK, providing they have a contract of employment. If you are a one-person company, or a director looking to obtain additional life cover without it contributing towards your individual tax-free lifetime allowance, relevant life insurance can provide an ideal solution.

The pay-out on the policy will go to the employee’s family or dependents in order to help with financial issues and compensate for their loss.

Can a sole trader have a relevant life policy?

Relevant life insurance policies are available where there is an employer and employee relationship, such as a contract of employment. If you are a sole trader, a relevant life policy may not be the best choice for you. This is because you are treated as self-employed, and therefore not classed as an employee.

Is Relevant Life Insurance tax-deductible?

Relevant life insurance is a tax-efficient solution, and there are usually tax benefits for both the employer and employee. It is not treated as a P11d benefit. Relevant life insurance is often free from corporation tax, and there is normally no National Insurance contributions to pay on the policy payments.

The employee will not pay income tax on the value of the premiums, and the pay-out is usually free of income tax and capital gains tax. The pay-out will also be treated separately to the employee’s estate for inheritance tax purposes.

 

Please note that the descriptions above do not constitute financial advice and may change depending on individual circumstances and budgetary requirements.

For quick and easy quotes, please get in touch on 0800 015 8016 and one of our friendly and knowledgeable advisors will be able to help.

Why Choose Caspian Insurance?

Save Time & Money

With a helping hand along the way, we search the market for you to secure the right policy at affordable prices.

Expertise

Our extensive industry knowledge means we can provide you with the best policy options for your life protection.

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No call centres, no jargon. Just a team of experienced advisors dedicated to providing a customer centric approach.

Tailored Policy

With a custom-made policy, you will be confident in the knowledge that your loved ones will be taken care of in the worst-case scenario.

Free Trust Service

Receive specialist support and guidance via our free trust service for a clear understanding of how different policies work.

Exclusive Broker Benefits

We do the hard work for you to ease the underwriting process and compare a wide range of insurers in line with your best interests.

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