RELEVANT LIFE COVER

Relevant Life Cover is a tax-efficient life insurance policy, allowing companies to offer a death-in-service benefit to its employees (including salaried directors). It's set up by the company and pays out a tax-free, lump sum on the death (or diagnosis of a terminal illness) of the person insured. The proceeds go directly to the employee's family or financial dependants.

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Relevant life might benefit:​

• Businesses too small for a group life scheme
• High-earning employees who might exceed their personal pension lifetime allowance. Claims paid under Relevant Life Cover don't count towards a person's lifetime allowance unlike group life schemes

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Cover features:

• Counts as a tax-deductible business expense
• The premiums are paid monthly
• Guaranteed premiums
• Benefits usually free from inheritance tax