relevant life insurance Relevant life insurance for uk small businesses
Relevant life insurance is a popular choice for UK small business owners. In its simplest form, relevant life insurance (RLI) is a type of life insurance which allows you to provide a tax-free death-in-service benefit to someone who is employed or provides services to a business. It can be used as an alternative to a group life assurance policy provided through a registered pension scheme.
What is the Benefit of Relevant Life Insurance?
Relevant life insurance enables small businesses to offer their employees an attractive and cost-effective package of death-in-service benefits. The premiums are paid for by the business, but for tax purposes, the employee will not be taxed on those benefits. This is an important consideration, as it can reduce the overall cost of the policy.
In addition, the company can continue to benefit from the policy after the employee has left. If the employee dies while still employed by the business, the estate of the deceased can receive the benefit. This enables the business to continue to provide support to the family of the deceased.
How does Relevant Life Insurance Work?
Relevant life insurance works in the same way as a group life assurance policy. The policyholder pays a predetermined premium each month, and the life insurance provider pays out a lump sum when the insured person dies. The amount of the lump sum depends on the specific terms of the policy.
Relevant life insurance policies are underwritten by the insurer, so it is important to ensure you understand the terms of cover before taking out a policy. For example, the policy may include exclusions and limitations so it is important to understand exactly what is and isn’t covered.
Relevant life insurance can be a cost-effective way to provide life assurance to employees and directors. The premiums are typically lower than those of other life assurance policies, making them an attractive option for small businesses.
However, before taking out a relevant life policy, it is important to compare the different policies available, as well as the benefits and exclusions included in each policy. It is also essential to review the terms and conditions of each policy to make sure it meets your needs.
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