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What is relevant life cover?
Relevant life insurance policies are taken out by employers to cover employees (including directors) in the event that they die, or are diagnosed with a terminal illness, while employed. Relevant life plans offer an alternative way for smaller employers, for whom a group life insurance would be too expensive, to offer death-in-service benefits to their workforce.
With relevant life insurance plans, a lump sum payment is made to the employee or director’s beneficiaries in the event of their death or terminal illness diagnosis. Providing this type of cover to your staff can be seen as an attractive perk.
In addition, as the monthly premiums for this type of employee and directors life insurance are paid by the employer, they are considered an allowable business expense. This means that they generally attract corporation tax relief.
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Why Choose Go Protect Me?
When you speak to Go Protect Me about relevant life policies you get our years of experience working with SMEs like yours to find the best deals. Looks at just a few of the reasons to choose us.
Why your company should consider relevant life insurance
Financial security for your employees’ and their families
No one wants to think about the worst happening, but whether that’s a sudden death or a terminal illness diagnosis, relevant life insurance can provide some financial comfort.
Taking out relevant life insurance for your staff will give them the reassurance of a death-in-service benefit that will pay out a lump sum to their beneficiaries. This could be their spouse, civil partner, children or grandchildren, or, in the case of a terminal illness diagnosis, payment may be made to the employee themselves.
Attract employees
Offering your employees life insurance as part of their employee benefits can be an effective way to bring new talent to your company. Relevant life insurance for directors and employees may also help you retain the staff you already have, and help them to feel valued.
Tax efficient
As relevant life insurance premiums are an allowable business expense, you can reduce your company’s corporation tax bill by claiming corporation tax relief. Additionally, relevant life insurance is treated as a benefit in kind by HMRC, so your employee won’t need to pay National Insurance contributions on the benefit. And you won’t be liable to pay employer’s contributions.
In the event of a claim, any lump sum paid out won’t usually attract income tax or capital gains tax.
How much are the premiums for relevant life insurance?
The amount you pay in monthly premiums will depend on a variety of factors. Rest assured though, at Go Protect Me we’re committed to find the most cost-effective solution for your business.
Level of cover
The amount of the lump sum paid out in the event of a claim is generally determined by the employee’s salary. When calculating the payout amount for directors, the sum can also take into account dividends and any bonuses.
Higher cover levels attract higher premiums.
Term of cover
Relevant life insurance is only paid out during an employee’s time with you, unless you arrange for the policy to be transferred. Longer terms attract higher premiums.
Type of cover
There are 2 types of relevant life insurance. With level cover premiums stay the same, as does the payout amount. Increasing cover describes cover that rises in line with inflation. So the payout increases over time, as do the premiums.
Health of employees
Premiums will be higher when employees have a history of poor health. Insurers may also look at employees’ families’ medical history.
A company with an older workforce will tend to pay higher premiums than one with a younger workforce.
Nature of your business
Some sectors, such as construction, are considered more high-risk than others and consequently premiums to cover employees in these sectors will be higher. Insurers will look at how your workforce is made up and base your premiums on this. For example, you may be in the construction industry but most of your employees are office-based and therefore your premiums may be lower than those for a company whose workers are mostly on-site.
Relevant life insurance is a cost-efficient way for smaller businesses to provide a tangible benefit to their employees and directors. Talking to Go Protect Me can make sure that whatever you are looking for a relevant life insurance specialist will find you the most competitive deal.
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Tailored life insurance for your company
When you decide to invest in relevant life insurance you need to know that you’re getting the most appropriate policy for your business. Our brokers are committed to look at your company’s individual circumstances and work with you to secure the best plan for you, your employees and your directors.
Go Protect Me doesn’t believe in one size fits all solutions. Talk to us today about getting your relevant life insurance quote.
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