Relevant Life and executive income protection

Helping you design bespoke benefits packages

For financial advisers only

We can help you design bespoke employee benefits packages for your clients with small businesses who don’t have the scale to qualify for group risk schemes.

Our Relevant Life policy lets employers provide tax-efficient(Opens new window) individual death-in-service benefits for employees (including employed directors).

As part of an overall employee benefits package, executive income protection can work well alongside Relevant Life, as the policy payments for both policies aren't generally treated as P11D benefits. This information is based on our understanding of current legislation, taxation law and HM Revenue & Customs practice.

With executive income protection, employers can continue paying a salary to ill or injured employees while they're unable to work. This can be a valuable addition, as statistically employees are more likely to be unable to work due to illness or injury, rather than die.

You can apply for Relevant Life and executive income protection together in a single online application - so there's only one application to be underwritten and your clients can benefit from our multi-policy discount.

Protection policies don't have any cash-in value at any time. Your clients' protection will stop if they stop paying their premiums.

Signature-free trust

As all our Relevant Life policies have to be held in trust, we've made it quick and easy to set up the trust.

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Why choose our Relevant Life policy?

  • Our immediate cover facility offers up to £3.5 million cover for a maximum 180 days to help you get your clients protected quickly.
  • We automatically include up to 90 days’ accidental death benefit when our immediate cover facility isn’t in use.
  • We offer a range of guaranteed insurability options, so your clients can increase their benefit amount without providing more medical evidence at certain lifestyle events.
  • We offer a signature-free Relevant Life trust for online applications – making it quicker and easier to place your clients’ policy in trust. 
  • Your clients can choose whether to be a corporate trustee or not, as we understand it’s not always administratively appropriate, depending on the structure of the company.
  • Our Relevant Life policy is portable when using either our signature-free trust or paper trust – giving the insured person various options when they move jobs.

Find out more about our Relevant Life policy, including what a relevant life policy is and who it’s suitable for, in our Relevant Life at a glance(Opens new window) leaflet.

Why choose our executive income protection policy?

  • We can provide cover for employees (including employed directors) of up to £160,000 a year.
  • A choice of benefit payment periods - either two years or full term to the benefit end date.
  • We’ll help get employees back to work as quickly as possible, by offering proportionate and rehabilitation benefit – paying a reduced claim benefit while the employee gradually returns to work.
  • As we pay the claim proceeds direct to the employer to pay to the insured person via PAYE, they’re classed as net relevant earnings – so as well as including cover for their employer pension contributions, the insured person could also continue to make personal contributions to their pension if they can afford to.
  • Our executive income protection is portable so it can continue if the insured person moves jobs.

Find out more in our Executive income protection at a glance factsheet, and see how it compares to personal income protection in our Executive income protection – financial security for your clients(Opens new window) case study.

More than financial support

With both our Relevant Life and executive income protection policies, both your clients and their employee (insured person) will have access to Policy Plus, our range of support services.

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Personal Protection

A comprehensive menu of options to help protect individuals and families.

Business Protection

A business-specific suite of options to help protect your clients' business or business loan.

Whole of Life

Life protection with no end date that lets your clients leave a financial legacy for their families or protect an inheritance tax liability.

Protection document library

All the forms and documents you’ll need when placing protection business with us.