A Relevant Life Plan
A Relevant Life plan is a tax-efficient manner of providing individual death in service benefits for your employees, including company directors. Relevant Life plans are similar to most other types of life cover except they aim to provide a tax efficient benefit provided by an employer for an employee. Therefore, the employee does not pay income tax or national insurance on the premiums – for a higher or additional rate taxpayer, this can be a significant savings. The employer also benefits through claiming tax relief on the premiums as part of the employees remuneration. A Relevant Life Plan is designed to be written in a trust at outset, with the employee’s family and dependants as beneficiaries.