Relevant Life Insurance

Relevant Life Insurance provides tax-efficient employee benefits and family protection. Boost recruitment and retention today.

Relevant Life Insurance Solutions

Employers can provide Relevant Life Insurance as a tax-efficient employee benefit, offering financial security to their staff and their families. This type of policy insures employees against death in service or the diagnosis of a terminal illness. If the worst happens, the employee’s family will receive a lump sum, providing crucial financial support during difficult times.

At Bradgate Financial Solutions, we are whole-of-market insurance brokers, ensuring access to the best possible insurance options. By understanding your budget and needs, we can propose a tailored solution that aligns with your goals.

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What Are the Benefits of Relevant Life Insurance for Employers?

Relevant Life Insurance offers several advantages for employers, including:

Premiums are typically tax-deductible as a business expense, making this a cost-effective benefit.

Offering Relevant Life Cover can help attract top talent, showing potential candidates that you care about their welfare.

Demonstrates a forward-thinking and supportive company culture, appealing to both new and existing staff.

What Are the Benefits for Employees?

For employees, Relevant Life Cover is more than just a policy—it’s a reassurance that their employer values their contributions and cares for their family’s future.

Family Security:

Employees gain peace of mind knowing their families will be financially supported if the unthinkable happens.

Workplace Satisfaction

Including this cover in an employment package fosters loyalty and helps staff feel valued.

Appealing to Candidates

Job seekers often consider the benefits offered by a company. This type of cover enhances your recruitment appeal by showcasing a caring workplace culture.

Protection

How Can I Protect My Business as Well?

While Relevant Life Cover is designed to protect the employee’s family, it does not safeguard the employer. For full coverage, businesses should consider taking out complementary policies like Key Person Insurance. This policy protects the business financially in case of the loss of a key team member.

By combining Relevant Life with Key Person Insurance, you ensure comprehensive protection for both employees’ families and the business itself. This dual approach provides security and stability, allowing you to focus on running your business with confidence.

Frequently Asked Questions

Who can take out Relevant Life Insurance?

Employers can set up this policy for employees, including directors, but it’s not available to self-employed individuals.

Is Relevant Life Insurance tax-efficient?

Yes, premiums are usually tax-deductible for the employer, making it a cost-effective way to offer valuable employee benefits.

Can directors of small businesses benefit from this policy?

Yes, directors can be covered under Relevant Life Cover, offering protection for their families while benefiting from tax efficiencies.

Does this policy cover critical illness?

No, Relevant Life Insurance focuses on death in service and terminal illness. For critical illness cover, consider a separate policy or Key Person Insurance.

Can this policy be transferred if the employee changes jobs?

In some cases, the policy may be transferred to a new employer or continued personally by the employee. Check with the insurer for specific terms.

Next Steps

At Bradgate FS we aim to make choosing and applying for a mortgage, protection, loan or insurance as stress-free as possible.

Offering Relevant Life Cover as part of your employment package not only helps you attract and retain top talent but also shows that your business values its people.

Contact our expert team today to explore tailored Insurance options for your business and employees. Together, we’ll create a solution that benefits everyone involved.

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