Business Protection
Relevant Life Plan
Why Relevant Life Plan?
A Relevant Life Plan can save your clients up to 50% tax compared to an ordinary life plan as well as a tax-efficient benefit for their employees. It also benefits their employees by making them feel more valued as well as benefiting their business as a whole – as their employees are likely to be more engaged, take less time off sick and therefore be more productive.Why VitalityLife?
Our Relevant Life Plan provides the sum assured with cover for a fixed term and pays out on death or terminal illness. It is a great way for your clients’ employees to protect their family if they were ever diagnosed with a terminal illness or to die, as it provides a cash lump sum they can use to pay off the mortgage or other debts.A Relevant Life Plan from VitalityLife also enables your client to offer their employees a wide-ranging benefits package which not only rewards them but helps them to live life well.
Reasons to recommend Business Protection with VitalityLife
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More affordable cover
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With our Optimiser your clients could receive up to 30% lower than our standard premium dependent on the individuals' age and the length of their term.
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It's tax efficient
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When your client takes out a Relevant Life Plan for an employee within their business they make tax savings of up to 50%, in the form of a tax deductible business expense and no National Insurance contributions.
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Helping their business to attract and retain talent
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A great employee benefit for small businesses – they get great life cover and access to our range of health and reward partners.
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Flexible continuation options
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We offer three continuation options, all without extra underwriting, enabling employees to replace cover with a personal protection plan (if they’re under 65).
Watch our webinars series.
Our Protection Specialists recently hosted a series of webinars created to help you design your own strategy for approaching your business owner clients.
Who are Relevant Life Plans for?
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Company Directors
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Directors of limited companies can enjoy valuable tax benefits if the premiums for life insurance are paid by one company instead of from personal income after tax.
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High earners
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The benefits of Relevant Life Policies do not count towards the current Lifetime Allowance of £1 million, above which tax is currently charged at 55% tax (on death).
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Specific employees
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Relevant Life Policy can provide individually calculated cover levels so are suitable where companies only want to reward several employees or provide variable cover.
Optimiser
Now, Vitality Select is included on all plans for no extra cost, giving your clients access to a number of discounts and rewards.
When their monthly premium above £45 for single Life plans and above £60 for joint Life plans, they can enjoy Vitality Plus for an extra £4.75 per person per month, giving them access to our extended range of discounts and rewards!
Where to next?
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Trusts and tax
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In order for the business and employees to benefit from the tax benefits associated with a Relevant Life Plan, you should put it into a Discretionary Trust.
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Business Protection Literature Library
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Find our Business Protection literature.
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Online tools
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Explore our wide range of online tools, designed to support your client conversations and help to grow your business.
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Business Protection
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Good health is good business. We aim to give your clients cover that's relevant to their business needs and pays out when they need it most.
or call 0345 601 00720
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