What is Relevant Life Cover?
Relevant Life Insurance is a policy specifically aimed at employers to provide a death in service benefit for their employees. Death in service means that the employer will pay out a tax-free lump sum of cash if you die while you’re employed by the company. If an employee passes away or receives a terminal diagnosis, the premium will then pay a lump sum to the affected family. It is a type of policy that a business can take out to provide life insurance for an individual employee.
Key benefits
- Can be a cost-effective way for employers to provide life insurance for their employees.
- Employers can typically choose the level of coverage for each employee based on their needs, salary, and circumstances, providing flexibility in tailoring benefits.
- If an employee leaves their current job, they can often take their relevant life cover policy with them, providing continuity of coverage without the need to reapply for insurance.
- Some relevant life cover policies offer additional benefits such as critical illness cover, which can provide financial support to employees facing serious illnesses or injuries.
We can help you find the best options available for you by comparing quotes across multiple providers to find you a policy that meets your personal needs and circumstances
