Many companies offer their employees a ‘death in service’ benefit, paying the employee’s family a lump sum if they die while they’re employed.
However, this kind of benefit doesn’t suit every company as it’s not normally available to companies with fewer than five employees. Relevant Life Cover (RLC) allows employers to offer a death-in-service benefit to their employees. It’s a tax-efficient life insurance policy, set up by the employer and pays out a tax-free lump sum on the death (or diagnosis of a terminal illness) of the person insured.
There is an alternative which is tax-efficient and cost-effective. It may be possible save nearly 50% tax (compared to an ordinary life policy). We will be happy to run through all the options and benefits of this type of policy. We also have access to a provider who includes critical illness benefit with their relevant life cover, previously this has not been available.
Please get in touch with a member of Prestige Financial Solutions today to learn more.
For more details on Relevant Life Insurance / Cover, or for more information / enquiries on Business Protection, please contact Prestige Financial Solutions