Relevant Life Cover is a tax efficient way for an employer to provide their employee(s) with life cover benefits. Relevant Life Cover may be suitable for:
- Employers who do not have enough employees to qualify for a group scheme but still want to provide their employees with protection of this type.
- Both directors and employees can have Relevant Life Cover. But whilst both are eligible a business could chose to offer this only to the directors.
- High earning employees with substantial funds may not wish their death in service benefits to form part of their lifetime allowance, which will not happen with a relevant life plan under current legislation.
Contractors are not covered by workplace insurance like full-time employees, so it’s important to have relevant life cover in place as part of your contractor mortgage.
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