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Relevant Life Plan.

What is a Relevant Life Plan?

A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the employee dies whilst employed during the length of the policy. It will also payout if the employee, whilst employed, is diagnosed with a terminal illness and meets our definition, except in the last 12 months of the policy. A Relevant Life Plan is paid for by the employer.

 

Why choose our Relevant Life Plan?

  • More cover, less questions – up to 25 x remuneration multiples and while some providers need supporting financial evidence at lower levels of cover, we don’t ask to see financial evidence until the benefit exceeds £3.5 million.
  • Continuation Cover* – if your client leaves their company they can convert their RLP to a personal plan or move it to a new employer without the need for further medical evidence or underwriting.
  • Price Beater – for cover over £600,000 we will not be beaten on like for like price and that is a promise.
  • Dedicated support – our RLP service team can help you throughout the whole process, from submitting your application to ensuring all trust documentation is completed correctly.
  • Guaranteed Insurability Option* – increase your client’s level of cover for salary increases as well as mortgage increases, moving house, getting married and becoming a parent.
  • Accidental Death Benefit* – While your client’s application is being underwritten they are automatically covered.
  • Peace of mind - Our core literature has been reviewed by a QC, a top senior English barrister. Therefore, you can be confident when recommending the product to your clients.    
  • Simple as possible - We have a straightforward combined application and trust pack which will allow you to complete the application in one smooth process. Please note our RLP is currently paper submission only and isn't available on OLP Connect.

*Refer to our Key Features Document for more information.

 

Our Specialist Protection Team are dedicated to helping you break into this market.
See how we can help you today.
 

 

What makes it cost effective?

Relevant Life Plans are similar to most other types of life cover except they aim to provide a tax efficient benefit provided by an employer for an employee.

This example shows the potential saving (PDF - 36KB) that could be made.

Use our calculator to demonstrate how effective a Relevant Life Plan can be for your clients.

 

Relevant Life Plan Trust

A Relevant Life Plan is designed to be written in a discretionary trust (Legal & General's Relevant Life Plan Trust) at outset, with the employee’s family and dependants as beneficiaries. If the plan is not placed in trust at outset, your client should seek expert legal and tax advice on the consequences of this.

This is not a consumer advertisement. It is intended for professional financial advisers and should not be relied upon by private customers or any other persons.