Relevant Life Insurance
Black Lion Insurance offers high quality, impartial advice on the best types of relevant life insurance for your business. As a dedicated team of insurance consultants, we work with organisations throughout the UK, both large and small, across a wide variety of industry sectors.
Although this cover is bought by businesses, it directly benefits the key individuals who work for them. Or, we should say, their families – should that employee die.
Our dedicated team will be pleased to help you. Essentially, there’s no charge for our advice unless you purchase one of our recommended insurance policies. And, as we’re independent we’re not tied to any one insurance provider.
What’s more, we’ll negotiate hard with all the major market players to secure your business the best-value options based on the information you give us.
What is relevant life Insurance?
It’s quite simple. To summarise, with premiums paid directly by a business, your family will receive a pay out if you die.
Unlike keyman insurance, no money goes to the business – funds are to provide much-needed financial support to the deceased’s family.
What are the benefits of relevant life insurance?
Generally, relevant life cover is an excellent, tax-efficient way to offer life insurance for single individuals, contractors or company directors within a business.
It’s ideal for smaller businesses. Why? Because these don’t normally qualify for group life insurance (or death in service cover) due to their limited employee numbers. Also, it works well where a director is working through his or her limited company.
Good news. This type of insurance is tax-efficient because HMRC views it as an allowable business expense. You can claim it against your company tax bill. In fact, you could save up to 50% compared to a personal policy.
Then, it gets better: benefits paid out are tax-free.
Should I consider relevant life insurance?
Yes, it’s well worth considering, but talk to the experts here at Black Lion Insurance if you’re not sure.
The costs will vary, depending on your age, family history, current state of health, length of cover and so on. Obviously, as with all the insurance products that we recommend, one size does not fit all.
Remember, we’re not sales people. We’re insurance specialists. We want to help you learn and understand the choices that you face. We’ll present you with all the information, guidance and advice you need to make an informed decision.
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What’s the difference between relevant life insurance and a death in service policy?
Death in service cover, also known as group life insurance is a type of life insurance that covers multiple employees under the same policy.
However, relevant life insurance covers an individual employee.
What’s the difference between relevant life insurance and keyman insurance?
These can often be thought of as the same insurance, however there is a key distinction. On the one hand, keyman insurance is designed to protect a business from financial loss if a significant member of staff passes away. On the other hand, relevant life insurance provides support for the family of an employee that has died, with no money going to the business.
Part of Halo Consulting, Black Lion Insurance are a dedicated team of insurance consultants with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.
The guidance and/or information contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK