Decisions can be instant after application submitted
Life, Income Protection & Critical Illness Cover
Global cover at no extra cost
What is Relevant Life Insurance?
Relevant Life Insurance is an individual Death in Service life assurance policy available for employees, including directors, of the company. The business pays the premiums based on the chosen level of cover. In the unfortunate event of the person's death or diagnosis of critical or terminal illness during their employment within the term, the plan provides a fixed, one-off lump sum payment.
Affordable coverage for employees and owners of limited companies
If you own or work for a limited company, you can now enjoy the benefits of paying for your life and significant illness cover through your company. This unique arrangement allows the premiums to be treated as an 'allowable business expense,' resulting in potential savings of up to 50% compared to conventional life insurance policies. It's important to note that tax treatment may vary depending on individual circumstances and is subject to change.
To be eligible for Relevant Life Insurance, the covered individual must be an employee of a UK limited business.
Coverage provided at no extra cost
Happy policyholders covered
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Added peace of mind with tax efficiency
Relevant Life Insurance offers significant advantages for directors and employees of small businesses, particularly in terms of tax efficiency. While the coverage remains personal to you and your employees, the policy itself is considered a business expense, making it tax-deductible and exempt from annual or lifetime pension allowances.
Here's how you can benefit:
The limited company pays for your life insurance premiums, relieving the burden from you.
The premiums are not classified as a benefit-in-kind or a P11D benefit.
Neither you nor the limited company needs to pay National Insurance contributions.
The limited company can claim Corporation Tax Relief on premium payments, resulting in a 20% saving.
The benefit payment received is not counted towards your annual or lifetime pension allowances and is tax-free.
Frequently asked questions
Will the premiums go up because of the work I do?99% of the time we can arrange cover on standard terms, meaning there will be no increase in premiums because of your job.
Will I be covered whilst at work?Yes, you’ll be covered 100% of the time 24/7/365.
Will I be covered travelling to and from the Rig/Installation either by a Helicopter or Vessel?Yes, you’ll be covered 100% of the time regardless of the mode of travel.
Can you also arrange cover for my partner?Yes, we can provide cover for partners on the same basis. We’ll just need their DOB, smoker status and how much cover they want and for how long.
Will I be covered if I work overseas?Yes, we can arrange cover for people working overseas. There are some location hotspots (such as conflict zones), but that doesn’t mean we can’t get you covered. We’ll just need to ask a few additional questions.
Will my children be covered under a critical illness policy?Most policies provide a level of cover for children if diagnosed with a specified critical illness. This is typically £25,000 but could increase to £50,000 depending on the policy and provider.
If I take out a policy will be the monthly premiums stay the same or will they increase each year?All life & critical illness policies we arrange are on a guaranteed premium basis, meaning the monthly costs will stay the same for the duration of the policy.
Who will get the money if I die?We write all policies in trust meaning if you were to die, the lump sum will pay out to the beneficiaries you have selected, which avoids any potential inheritance tax and usually pays out within 30 days of a claim.
Can I arrange the cover over the phone?Yes, we complete all applications over the phone, which usually takes no longer than 15-20 minutes, and subject to standard underwriting you could be covered immediately.
I already have a policy, can you review this?Yes, we can. Generally, if you have an older style policy, this may have exclusions or increased premiums because of your occupation. We may be able to replace it, so it has no exclusions or increased premiums.