A Look At Relevant Life Insurance
When you look into life insurance and the different plans that are available you’ll probably come across mentions of relevant life insurance.
This type of life insurance is aimed at employers that want to give their employees an extra benefit. If you are someone that employs other people then you can offer them a death in service benefit and relevant life insurance can help with this.
As you would expect from a life insurance policy there are different choices and options open to you. This means that as well as offering a payout upon the death of your employee you can also pay out if they are diagnosed with a terminal illness. Employees are not able to sign up for or pay for this themselves, this is something that is arranged and paid for by the employer.
Who Is Relevant Life Insurance For?
If you want to look at offering a death in service benefit to people that work for you but you are unable to set up any sort of group scheme then this can work well for you. Directors in a firm can also set up their own scheme within this without having to take out a scheme that covers all of your employees. This type of insurance policy is not aimed at sole traders or people involved in an equity.
Why Does It Work So Well?
As an employer you want to offer your employees the best possible benefits that you can, but you don’t always have the funds available to give them as much as you like. Relevant life insurance plans are tax efficient which means that offering this type of benefit is much more cost effective than you might imagine.