Relevant Life Insurance
How it works
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Relevant Life Insurance is a company owned insurance policy that allows businesses to offer life insurance to specific employees within a business.
Who can take out a Relevant Life Policy?
Small businesses don’t have enough employees to be able to offer a registered death in service benefit. But there is an alternative!
Offering Tax Efficient Relevant Life Cover to your employees is great for employee retention!
A relevant life plan functions as both: it functions as part of a company’s wellness program and also offers employees an incentive to stay.
Relevant Life Insurance Tax Treatment
Premiums can be offset against corporation tax!
Or why not get a quote and start saving money.
Who Owns A Relevant Life Policy?
Each policy is owned by the company with an employee as the life assured. A lump sum benefit is paid to the life assured’s family in the event of death.
Simple and Low Cost
Everything was made very easy to understand. The quotes were the cheapest we found too. Very happy!
Everything was made very easy. It was great Jody.
The only place we would go for key man insurance!
Great prices and good advice, what more could you want.
A very good service thanks...
Excellent service with easy to understand explanations
Jody Pearmain of Keyman was very helpful in explaining options and I thoroughly recommend his company
Good for key man insurance
Great service and easy to understand. Would use again.
Over and above what we expected. Thanks!
Did everything we wanted very well. Decent price and made easy..
We received a wonderful service from…
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.
The services received was great
The services received was great. Many thanks to these professionals at mymainsurance. I will definitely use them again.
First Class Service
The standard of service from MyKeyMan was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
Meet The Business Protection Team
Our financial advisors are experts in Business Protection. We offer FCA qualified advice and 1st class support throughout the process. Why not just give us a call!
In general, policies are limited to twenty times the value of a person’s salary. If a person is earning £40,000, then the amount of cover could be an £800,000 tax free lump sum.
The limit for relevant life insurance is 20 x salary. Normally a provider will accept a policy under £500,000 without the need for financial evidence.
The 1st step is for the life assured is to run through an application which is mainly questions relating to medical history. This can be submit over the phone with an advisor or online using our new online application.
Once an application is submit it can either be accepted straight away or referred to underwriting. On acceptance the advisor will notify the company and the policy can start on your chosen date.
No. Only employees of a UK Ltd company or UK LLP are eligible. Freelance workers, the self-employed, and sole traders will need to look at personal cover.
(UPDATED 2018) There is now the option to add significant illness to a policy. This is currently only available through AVIVA. Although similar to critical illness cover, there are some restrictions. For more detail on Aviva’s relevant life with significant illness click here
Terminal illness is included with all policies and a lump sum payout can be made early if the life assured is diagnosed with terminal illness.
Yes, when it comes to taking out this type of insurance policy, an LLP is treated the same as a Limited Company.
This will normally be dependant on their current salary. But there really isn’t a fast rule to how much cover someone will need. Many employees follow the 4x salary rule taken up with most group life schemes. Its really down to yourself and the employee and of course how much you are willing to spend on premiums. But in essence small companies can now offer a death in service benefit or group life insurance to their employees.
Yes, the company must be registered in England, Wales, Scotland, or Northern Ireland to be eligible. Overseas applications are not accepted.
The length of time between submitting an application and the policy going live is determined initially by the life assured age and the sum assured. A young person with a relatively low sum assured can be accepted straight away online. However it really depends on the complexity of the application, including the health and lifestyle of the person.
Generally a person over 40 with an amount of cover more than £500,000 will expect to need further underwriting. This could include a nurse screening and a request for further medical evidence.
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