A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. Commonly, people and businesses will look to protect themselves against the unexpected. It is designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness whilst employed during the term. This protection can be put in place in a number of ways, but an option not commonly thought about is via a Relevant Life policy. A Relevant Life Plan is paid for by the employer.
A Relevant Life Plan can be aimed at:
• Employers looking to provide ‘death in service’ benefits, but with too few employees to set up a group scheme.
• Directors wishing to provide their own individual ‘death in service’ benefits without taking out a scheme on all employees.
• High earning individuals, such as directors, where they don’t want ‘ death in service ‘ to form part of their lifetime allowance.
Relevant Life Plans are not available where there is no employer/employee relationship. For example, sole traders, equity partners of a partnership or equity members of a Limited Liability Partnership.
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