Increasing Relevant Life Plan

Amount of Cover

No minimum amount of cover. Driven by minimum premium.

The table below shows the maximum amount of cover available, based on the employee's remuneration. Remuneration includes salary, bonuses, benefits in kind and regular dividends from shares in the employer's company or a company within the employer's group of companies.

AGE LIMITS
17 - 29 years up to 25 X remuneration
30 - 39 years up to 25 X remuneration
40 - 49 years up to 25 X remuneration
50 - 59 years up to 20 X remuneration
60 - 73 years up to 15 X remuneration

The amount of cover on increasing plans increases in line with changes in the Retail Price Index, to help protect the cover against inflation.

Term

  • The minimum term allowed is 2 years.
  • The maximum term allowed is 40 years.

Age restrictions

  • The minimum age to take out a policy is 17. The policy should be set up as Relevant Life Plan in the usual way, with the business as the policy owner and written under trust.
  • The minimum age at the end of the policy is 29.
  • The maximum age for buying a policy is 73.
  • The policy must end by their 75th birthday.

Premiums

  • Guaranteed.
  • Payable monthly or annually by Direct Debit by the client's employer.

Benefits automatically included at no extra cost

  • Accidental Death Benefit
  • Changing your policy (Previously known as Guaranteed Insurability Option).
  • Continuation Cover - if your client leaves their company they can convert their RLP to a personal protection policy or move it to a new employer without the need for further medical evidence or underwriting. We've now increased the time we need to be informed of an employee leaving the company from 30 days to 90 days. 
  • Terminal Illness Cover

Other information

  • The policy is owned by the client's employer.
  • The policy has to be placed into a Relevant Life Plan trust - Relevant Life Plan trust deed