26 Lowther Street, Carlisle, CA3 8DA
Need help with Relevant Life Cover? Our team of experienced financial advisers are on hand to guide you through the process and find the right Relevant Life Cover plan for you.
Relevant Life Cover is a type of life insurance policy that offers a tax-efficient way for employers to provide life cover for their employees. The policy pays out a tax efficient lump sum amount in the event of the death or illness of the employee, ensuring this sum goes directly to your employee’s family or financial dependants.
With our knowledge and expertise, our experienced team of financial advisers can guide you through the complexities of this type of life insurance including how it works, how to get it and who the right providers are. We understand each providers eligibility criteria for Relevant Life Cover and can help you find the best cover for your specific needs. If you require guidance and support with insurance options for your employees, our advisers are on hand to discuss how Relevant Life Cover could work as part of your staff benefits package.
Take a look at the frequently asked questions we receive from our valued clients and find the information you’re looking for.
Relevant Life cover is a life insurance policy taken out by a business to provide death in service for an employee. This can be directors or any other employee of the company. It's basically a cost-effective way for an employer to provide a death in service benefit to employees. It's particularly useful for smaller businesses who are not large enough for a full group protection scheme.
The main difference is who receives the payment. The proceeds from Relevant Life Policies are paid out to the family, or other beneficiaries of the employee. With Key Person Insurance the proceeds are paid into the business that pays the premiums.
Relevant Life Cover works at it's best when business owners use it to provide themselves with a tax efficient life policy.
The policy is taken out and paid for by the business. It is then written in a relevant life trust so that the proceeds from a claim can be paid out to the individual's family/beneficiaries.
The premiums for relevant life are tax deductible business expenses for the employer. It's also a tax-free lump sum for the beneficiaries.
As with all life policies, relevant life cover would pay out upon death, or diagnosis of a terminal illness with less than 12 months to live.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
At Stan Sherlock Associates, arranging relevant life cover is not a one-off transaction. We aim to build long term relationships with our clients and provide you with a financial advice service over the lifetime of your policy which ensures you always have the right deal for your situation.
Based in the picturesque county of Cumbria we have clients from across the UK. Many of our financial advice services can be provided by phone and email but our advisers are always happy to meet you face to face.
Trying to find the right Shareholder Protection for your business? Our team of professional financial advisers are on hand to guide you through the process.
Disclaimer: The information on this website is for use of residents of the United Kingdom only. No representations are made as to whether the information is applicable or available in any other country which may have access to it.
Registered Address: 26 Lowther Street, Carlisle, Cumbria, CA3 8DA
Company Number: 05718865
Stan Sherlock Associates Limited is an appointed representative of the Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the financial conduct authority.
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