Relevant Life Insurance
This is a tax-efficient life insurance policy allowing you to offer death-in-service benefits for your employees (including salaried directors). The cover pays out a tax-free lump sum if the person insured dies (or is diagnosed with a terminal illness).*
It is arranged on an individual basis with you (the employer) as the policy owner, and the employee as the person insured. The employer pays for the policy and the premiums are usually considered as a business expense.
If you are a small businesses wanting to offer life insurance to key people, or you have a number of high-earning employees who may exceed their personal pension lifetime allowance this policy may be best for you.
*The events covered will depend on the style of policy you choose and what is covered in the policy