The Relevant Life plan is a bit different to the other “Business” Protection policies as it is not set up to protect the business per se…moreover, it’s an efficient way of providing death benefit to an employee’s family.

They provide life cover through a discretionary trust for the benefit of employees’ and directors’ dependents and are taken out and paid for by the employer.

Relevant Life Plans are ideal for:

• People with high earnings and big pension funds who don’t want their death in service benefits to form part of their lifetime allowance.
• Small Businesses that don’t have enough eligible employees for a group life scheme.
• People who are currently in a death-in-service scheme that doesn’t allow voluntary increases or has restrictive definitions of remuneration.
• People in a group death-in-service scheme who don’t want their cover linked to salary at death and want a fixed sum.

The tax treatment of relevant life plans is very favourable and depending on the marginal rate of tax paid by the employee,  savings can be as much as 49% overall! We’ll run through your individual details, but this is certainly something to consider!