A Relevant Life Plan is an individual life insurance policy that can be taken out by a business. It is designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness whilst employed.
Having a Relevant Life Plan can be particularly beneficial for high earning individuals, such as directors or business owners, where ‘death in service’ cover does not form part of their ‘lifetime allowance’.
Directors wishing to provide their own individual ‘death in service’ benefits without taking out a scheme on all employees also opt for a Relevant Life Plan.
Importantly, the cover provides families with peace of mind and financial reassurance in the event of terminal illness and death.