Many SMEs would love to offer their employees financial support such as life insurance, however sometimes setting up a group scheme may not be the best option – especially if you don’t have many employees.
What is relevant life cover?
Relevant life cover is a life insurance policy that allows you to offer a death-in-service benefit to your employees. Paid by your company, it pays out to your employee’s beneficiaries upon the event of their death.
It is much like a normal life insurance policy in that an individual is assessed on their health, age, lifestyle and how much cover is required. The main difference is that you can place ownership under the company meaning that the business pays the premiums and offsets the cost as a taxable expense.
Find out more on why relevant life cover is essential for SMEs.