A Relevant Life Plan is a cost-effective way for your client to arrange life insurance for their employees. It pays a lump-sum to the employee’s family if they die or are diagnosed with a terminal illness with a life expectancy of less than 12 months.
Relevant Life Plans can be tax efficient for both your client and their employees. The policy is most suited to small businesses that don’t qualify for a large group scheme, or for those who want to top-up an existing group policy.
Reasons to recommend Relevant Life Plan
High level of cover for employees’ remuneration, including salary, bonuses and regular dividends
A cost-effective way for a small business to provide life insurance to an employee
Can be converted to a personal policy using Continuation Cover or moved to a new employer if an employee leaves the business
Key features and benefits
Tax-efficient policy
The plan counts as a business expense so it’s tax deductible and doesn’t count towards annual or lifetime pensions.
Inheritance Tax benefits
Writing the plan in trust can help manage future inheritance tax liability.
Includes Accidental Death Benefit
Your client is covered while we process their application.
We’ll beat competitors
In some instances, you may be able to use Price Beater to get the best price for your client. Please see our Price Beater guide for more details.
Increasing your cover option
Allows your client to increase cover on specified events, without further medical questions. Eligibility criteria and restrictions apply.
Continuation Cover
Can be converted to a personal policy using Continuation Cover or moved to a new employer if an employee leaves the business.
Product details
For full details, see key documents for the Policy Summary and Policy Terms and Conditions.
Cover overview
For full details, download the Product Profiles PDF: 905KB document
| Minimum cover |
No minimum amount of cover. Driven by minimum premium. |
| Maximum cover |
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| Type of cover |
The following types of cover are available:
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| Minimum term |
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| Maximum term |
50 years |
| Minimum age |
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| Maximum age |
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| Premiums |
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| Trusts |
Policies must be placed into a Relevant Life Plan trust. |
| Death in the first year |
If the life insured dies within the first year of holding the policy, as a result of suicide or intentional and serious self-injury or an event where, in our reasonable opinion, the life insured took their own life, the policy will be cancelled. |
Benefits and options
| Accidental Death Benefit |
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| Increasing your cover (prevously known as Changing Your Policy and Guaranteed Insurability Option) |
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| Other changes | Your client can request to make other changes to their plan. A new policy may need to be set up. |
| Continuation Cover | Automatically included. |
| Wellbeing Support | Access included. Service provided by RedArc Assured Limited. |
| Terminal Illness Cover | Automatically included for all policies with a term of two years or more. |
Key documents and tools for new business applications
Existing customers should always refer to the policy documents supplied when they purchased their product.
Key documents
Key documents
Tools and calculators
Support from Umbrella Benefits
Wellbeing Support
Access included as standard. Personalised practical and emotional telephone support from a registered nurse. Provided by RedArc Assured Limited.
