My Key Man Insurance is top-notch! - T Fleming
Simply gave us the cheapest deal. - J Trot
no nonsense, no hard-sell, easy and straight forward finding a solution for our specific circumstances - S Davies
Having worked with other companies in this industry, it's clear why this business is head and shoulders above its peers. - Den
Fantastic! The quotes we received were also much cheaper than anywhere else - S Irawais
The service was great, the quote was cheap, the process easy. - A Talukdar
Over and above what we expected. Thanks! - C Doe
Simply The Lowest Price - I Sanderson
The service provided by mykeymaninsurance is superb. We would highly recommend this company. - K Furtak
Great prices and good advice, what more could you want. - D Sanderson
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Relevant Life Insurance is a company owned insurance policy that allows businesses to offer life insurance to specific employees within the organisation. If an employee with the dies while they’re working for the company, the beneficiaries of that employee - such as the spouse, children, or another family member - will receive a lump sum payment.
The policy functions as a way for the company to offer additional perks to their employees, usually directors and key staff, but in fact anyone who is employed. The policy is solely-paid for by the company. However, while it’s primarily offered as a benefit to employees, there are benefits to the business too, as the policy can be offset for corporate tax.
Feel free to try our relevant life calculator to work out how much you can save. MyKeyManInsurance has access to all the top providers of relevant life insurance and will be happy to talk you through how it works or give you a quick quote.
Relevant Life Plans are designed to enable small businesses to take advantage of the same tax breaks served by group life schemes in large corporations. Therefore any UK Ltd company or LLP can qualify and can now offer their employee's tax efficient life insurance. The life assured must be a UK resident and a PAYE employee. The life covered must remain an employee of the policy holder in order to be a valid relevant life policy. There are options to move the policy to a new company or to a personal life insurance if needed.
There are fantastic cost savings of using relevant life due to its tax efficiency. The company is able to set up life & critical illness insurance for its employee's at a much cheaper rate than the life assured can set up a personal policy. 
Assuming the policy is set up correctly HMRC will treat the premiums as an allowable expense which means they are not included as a P11D benefit. This means the premiums and benefits usually qualify for relief on:
Of course rules on taxation can change but for now, you are looking at massive advantages and huge savings against normal life insurance. You can read more details into relevant life HMRC tax treatment here.
Historically relevant life cover has always been a life only policy which included terminal illness. We can now offer the option to includes cover which covers significant illness as well. Aviva's new Relevant life with Significant illness is now available with the same tax benefits as a normal relevant life policy. Its a great added benefit and alternative to for those companies that want to go over and above for their employees.
Great service and easy to understand. Would use again.
Jody Pearmain of Keyman was very helpful in explaining options and I thoroughly recommend his company
A very good service thanks...
Great prices and good advice, what more could you want.
Everything was made very easy. It was great Jody.
Everything was made very easy to understand. The quotes were the cheapest we found too. Very happy!
The services received was great. Many thanks to these professionals at mymainsurance. I will definitely use them again.
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 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.
Did everything we wanted very well. Decent price and made easy..
Over and above what we expected. Thanks!
Our dedicated team are here to offer you expert FCA qualified advice along with 1st class support to make sure the process is fast and simple.
Managing Director & Founder (My Key Finance Ltd)
Administration Manager at MyKeyManInsurance.com (My Key Finance Ltd)
Senior Keyman Insurance Adviser at MyKeyManInsurance.com (My Key Finance Ltd)
Customer Service & Website Admin at MyKeyManInsurance.com (My Key Finance Ltd)
(UPDATED 2018) There is now the option to add significant illness to a policy. This is a new product offered currently only through AVIVA. Although similar to critical illness cover there are some differences due to the tax allowances from HMRC. For more detail on Aviva's relevant life with significant illness click here. Please call to request details on the specific differences or to get a quote.
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.
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.
The limit is normally 20x salary. However normally anything under £1.000,000 is fine for anyone.
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.
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.
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.
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.
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.
One of the main benefits is the fact that it is seen as a company expense and is therefore tax deductible. The policy is also placed in a trust which is outside of the estate. This can help with inheritance tax issues as well. Information regards to taxation levels and basis of reliefs are dependent on current legislation. Individual circumstances are not guaranteed and may be subject to change. The Financial Conduct Authority do not regulate trusts.
As everyone knows the likelihood of death becomes higher as you get older. Relevant life plans are normally a guaranteed premium so its good to lock the premium in when you are young for as long as you can. Some providers will allow a term up to age 75.
(UPDATED 2018) There is now the option to add significant illness to a policy. This is a new product offered currently only through AVIVA. Although similar to critical illness cover there are some differences due to the tax allowances from HMRC. For more detail on Aviva's relevant life with significant illness click here. Please call to request details on the specific differences or to get a quote.
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.
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.
The limit is normally 20x salary. However normally anything under £1.000,000 is fine for anyone.
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.
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.
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.
