Give your employees peace of mind with tax-efficient relevant life coverProtecting businesses if a key employee passes away can be overlooked. But a relevant life policy can help. It pays out a lump sum if your employee is diagnosed with a terminal illness or passes away. It could save you up to 50% tax compared to an ordinary live plan. And it's a tax-efficient benefit for your employees. Your business saves money and they get access to a great employee benefit.
High earners and key employees benefit most from relevant life cover. It doesn't count towards the Lifetime Allowance. This is the limit on your amount that can be drawn from pension schemes. You can also cover individuals so it's ideal if you want to provide variable cover.
At Vitality, the person covered has access to our discounts and partners too. The Vitality Programme rewards them for staying healthy. This could mean less time off sick and more productivity.
What does relevant life insurance offer?
If you add our Optimiser option, you could get 30% lower premiums. This depends on employee age and their length of term.
As it’s a tax deductible business expense, you can save up to 50% in tax and make no National Insurance contributions.
Relevant life insurance doubles up as an employee benefit. Your key persons are protected and they get access to our rewards and partners.
If employees leave the business, they can still be protected. Without extra underwriting, they can replace it with a personal plan (if under 65).
Calculate your tax savings
You can also use our risk calculator. You add the age and sex of your employees. Then it gives you a percentage chance of at least one of your employees passing away.
Optimise your relevant life cover with these add-ons
If you add this option, you could get 30% lower premiums. This depends on employee age and their length of term.
• Vitality Plus
If your monthly premium goes above £45 and you have Optimiser, you can add this for just £4.75 a month per employee. It gives them access to our full range of partners.
• Disability cover
This pays out a lump sum if the person insured is diagnosed with an illness or becomes disabled because of an accident. This is the main content for the headline row component.
Your business protection options
Business loan protection
Business loan protection protects your finances if a company director suffers a terminal illness or dies.
Key person insurance
Key person insurance protects you against terminal illness or death of key employees.
Shareholder protection insurance is there to protect you if a director suffers a terminal illness or dies.