Relevant Life Insurance

No, not all of them. It all depends on where you live. In some areas of the country, a nurse can visit the applicant at their workplace or their home, whichever is most convenient. In other areas of the country, visits at home or the workplace are not possible, and it’ll be necessary to visit a surgery.

If you’d like to get more information about taking out this type of policy for one or more of your company’s employees, then you can use our ‘Get a Quote’ form or give us a call on 020 7112 8844.

There are several additions policies that can work in conjunction with this type of plan. One such example is Increasing Cover. This will automatically raise the coverage in line with the RPI (Retail Price Index) or a predetermined, set percentage. There is also Life Change Benefit, which makes it possible to adjust the policy should the employee’s personal circumstances change. As well, there’s continuation benefit, which allows the policy to be transferred to another company or to become a privately held policy.

What is the advantage of Increasing Cover?

Essentially, this protects the applicant against rising costs, which could devalue their payout. This type of coverage automatically raises the level of coverage in line with the retail price index, or by another set amount. So, for example. Let’s say a policy is taken out by someone in their early thirties. If a claim is made some thirty years in the future, it’s possible that the original value is worth much less than what it was when the policy was first taken out, because prices have gone up. If Increasing Cover is added to the policy, the amount of coverage will continue to rise, so it’ll still have the same value, no matter when it’s paid out.

What’s is Life Change Benefit?

This accounts for a change in an employee's personal situation. For example, if a person has since had two extra children since the policy was first taken out, then this would allow for the policy to be changed, to better reflect their situation. They would have greater coverage, because the costs of their living situation have risen considerably, and they’d need to leave more money for the family.

What is the advantage of continuation benefit?

It’s unlikely that an employee is going to work for the same company forever, especially if they’re relatively young. With this, the employee is able to take their policy with them should they move on and work for another company.

In general, policies are limited to twenty times the value of a person’s salary. If a person is earning £40,000, then that’ll mean their coverage will be for £800,000. However, this is not a hard and fast rule. For example, if you’re earning, say, £200,000 per year, then it’s unlikely that the policy would be for £4,000,000, because most people don’t need to be covered for more than £1,000,000. Financial evidence is often requested for applications over £1.000,000.

It all begins with the application process. At this stage, an application is put forth on behalf of the employee who will be receiving the coverage. As part of the application process, the applicant will be assessed on things such as their overall health, lifestyle, age, and the amount of coverage requested. Once the cost of the premium has been assessed, the process can move onto the next stage. It’s important to keep in mind that although much of the legwork -- such as filling out the paperwork and so on -- is conducted by the employee, it’ll be the company that pays the premium.

No. Only employees of a UK Ltd company or UK LLP are eligible for this type of coverage. Freelance workers, the self-employed, and sole traders will need to look for a different type of life coverage policy.

The limit is normally 20x salary. However normally anything under £1.000,000 is fine for anyone.

Depending on where you are in the country a nurse can come out to your work place or home. It may be necessary to visit the nearest surgery.

This is sometimes necessary, but not always. There are various factors that determine whether a medical exam is necessary, or not. It’ll depend on things such as the age and health of the applicant, as well as the value of the coverage they’ll be covered for. If the policy is to be for more than £500,000, then a medical is nearly always required. If the applicant is over the age of fifty or has (or had) health problems, then it’s also likely that a medical will be requested before a policy is awarded.

The limit is normally 20x salary. However normally anything under £1.000,000 is fine for anyone.

No. Only employees of a UK Ltd company or UK LLP are eligible for this type of coverage. Freelance workers, the self-employed, and sole traders will need to look for a different type of life coverage policy.

It all begins with the application process. At this stage, an application is put forth on behalf of the employee who will be receiving the coverage. As part of the application process, the applicant will be assessed on things such as their overall health, lifestyle, age, and the amount of coverage requested. Once the cost of the premium has been assessed, the process can move onto the next stage. It’s important to keep in mind that although much of the legwork -- such as filling out the paperwork and so on -- is conducted by the employee, it’ll be the company that pays the premium.

Only two entities are eligible to take out this type of insurance coverage: UK Limited companies and LLP’s, otherwise known as a Limited Liability Partnership. The person receiving the coverage must be a resident of the UK.

In general, policies are limited to twenty times the value of a person’s salary. If a person is earning £40,000, then that’ll mean their coverage will be for £800,000. However, this is not a hard and fast rule. For example, if you’re earning, say, £200,000 per year, then it’s unlikely that the policy would be for £4,000,000, because most people don’t need to be covered for more than £1,000,000. Financial evidence is often requested for applications over £1.000,000.

The policy is technically owned by the company, not the employee that is covered. However, it in effect belongs to the employee, since any payout would be paid to the beneficiaries of the trust names by the employee.

There are several additions policies that can work in conjunction with this type of plan. One such example is Increasing Cover. This will automatically raise the coverage in line with the RPI (Retail Price Index) or a predetermined, set percentage. There is also Life Change Benefit, which makes it possible to adjust the policy should the employee’s personal circumstances change. As well, there’s continuation benefit, which allows the policy to be transferred to another company or to become a privately held policy.

What is the advantage of Increasing Cover?

Essentially, this protects the applicant against rising costs, which could devalue their payout. This type of coverage automatically raises the level of coverage in line with the retail price index, or by another set amount. So, for example. Let’s say a policy is taken out by someone in their early thirties. If a claim is made some thirty years in the future, it’s possible that the original value is worth much less than what it was when the policy was first taken out, because prices have gone up. If Increasing Cover is added to the policy, the amount of coverage will continue to rise, so it’ll still have the same value, no matter when it’s paid out.

What’s is Life Change Benefit?

This accounts for a change in an employee's personal situation. For example, if a person has since had two extra children since the policy was first taken out, then this would allow for the policy to be changed, to better reflect their situation. They would have greater coverage, because the costs of their living situation have risen considerably, and they’d need to leave more money for the family.

What is the advantage of continuation benefit?

It’s unlikely that an employee is going to work for the same company forever, especially if they’re relatively young. With this, the employee is able to take their policy with them should they move on and work for another company.

Yes. If the employee moves to another employer, it’s possible to essentially take the policy with them. It will then be paid by the new employer. If the employee leaves but doesn’t go to work for another company, the policy can be changed into a personal policy, which is then paid for by the individual. There are certain time scales in which a policy must be transferred once someone has left and these vary but are often 21 days.

If you’d like to get more information about taking out this type of policy for one or more of your company’s employees, then you can use our ‘Get a Quote’ form or give us a call on 020 7112 8844.