Compare Relevant Life Policy Providers

• Level Life only cover
• Level Life and employee significant illness

• Age 16 to 39: up to 30 x remuneration
• Age 40 to 49: up to 20 x remuneration
• Age 50 to 73: up to 15 x remuneration

Remuneration consists of salary, bonuses, benefits, and dividends from shares in the employer’s or related company.

• Monthly or annual premiums
• Guaranteed premiums (unless cover changes or increases)
• Choice between level, decreasing, or increasing cover
• Increasing cover levels of a fixed 3% or 5% or linked to RPI
• Choice of decreasing interest rates between 2% and 18% (at 2% intervals)

• Increasing or reducing the amount of cover
• Removing the increasing cover option
• Changing the term of the policy
• Requesting a premium review if the life assured has given up smoking

Depending on the specific change requested, information about the life assured’s health and personal circumstances may be required to determine if the change can be made. Changes in your policy may impact your premium rates.

The maximum increase allowed for the client’s sum assured is the lesser of the original amount or £200,000.

The benefit must be utilized within 90 days of the significant life event and is only available for clients aged 54 years and under.

• Basis – single life
• Premiums – guaranteed payments
• Payouts – lump sum
• Amount of cover – level, increasing or decreasing over the term of the plan

We can discuss what needs to be addressed once you outline your desired changes to the plan. Adding a new cover or increasing an existing cover is not allowed if you or the person covered are no longer residents in the UK. Removing a cover may prevent you from adding it back on later if your circumstances have changed.

• A guaranteed premium is one that remains consistent throughout the term of your cover, except for any changes based on your decisions. These options include adjusting your coverage amount or term, selecting indexed coverage, or opting for Vitality Optimizer.
• For policies with reviewable premiums, they will be periodically assessed for potential adjustments. When evaluating your premiums, they consider them based on emerging claims experience. Individual circumstances, such as the health of the person covered, are not taken into account.
• For indexed premiums, the increase in your sum assured is tied to the Retail Prices Index (RPI) rounded to the nearest 0.25%.

• Relevant Life Cover is a life insurance policy that provides a death-in-service benefit to employees, including salaried directors, in a tax-efficient manner.
• Life insurance is provided by the company and provides a tax-free lump sum payout upon the death or diagnosis of a terminal illness of the insured person.
• The policy is structured in a discretionary trust, resulting in the proceeds being directed to the employee’s family or financial dependents.
• Relevant Life Cover may be suitable for businesses that are too small for a group life scheme, have high-earning employees who may exceed their personal pension lifetime allowance, or have members of group schemes who wish to supplement their benefits.
• Relevant Life Cover is typically not recommended for nonsalaried directors of a Limited Company, Equity Members of an LLP, or sole traders. However, this policy can often be arranged for PAYE employees regardless of their employer’s legal trading status.