Protecting your employees

Attract and retain employees with better benefits package

Relevant Life Insurance is an insurance policy to provide death-in-service benefits for employees.

You have the option to enhance the benefits available to your employees by offering life insurance protection to pay out a lump sum either to the employee if they become terminally ill or to their beneficiaries if they die. Terminally ill means being diagnosed with a life expectancy of less than 12 months.

A good employee benefits package can demonstrate to staff that their employer is concerned about each individual's financial security. This in turn may encourage staff loyalty and retention and could also appeal to job seekers looking to join your business.

Who needs it?

  • Businesses which do not provide a group life insurance scheme
  • Businesses which would like to provide additional life insurance to supplement the benefits provided by an existing group scheme

Relevant Life Insurance is tax-efficient for employee, beneficiaries and the business:

  • HMRC usually views the premiums as an allowable business expense for the employer and not a benefit-in-kind for the employee.
  • Death benefit will normally be free of inheritance tax because the policy is written in trust.
  • The employer can claim tax relief on the premiums as long as the local inspector of taxes is happy that the premiums are ‘wholly and exclusively for the purpose of trade’ as part of the employees remuneration.

Our chosen partner AIG

This range of protection products is provided by AIG. They complement us perfectly, adding choice and value to our range of products and mirroring our commitment to outstanding customer service.