Relevant Life Protection
A Relevant Life Policy is a single life, stand-alone death-in-service plan with or without critical illness. They are governed by the same legislation that deals with group schemes. However unlike most large employer provided schemes they are ‘non-registered’, so do not fall under pensions legislation.
RLPs provide life cover for the benefit of employees and directors dependants paid through a discretionary trust. They are taken out and paid for by the employer. Any employee of a business, including directors can benefit from these policies.
The main difference between a RLP and a private life protection plan is that the company pays the premiums in most cases before N.I & Tax and also is not treated as a benefit in kind.
Here are some of the options available: