A Relevant Life Plan (RLP) is a type of term life insurance arranged by a business for an individual employee or director. It pays out a tax-free lump sum to the employee’s beneficiaries if they die (or are diagnosed with a terminal illness) during the policy term while still employed.
Who needs it:
UK-registered limited companies can set up relevant life insurance for:
- Directors
- Employees
Sole traders and partnerships are not eligible, as the policy must be employer-funded.
How to Get Relevant Life Insurance
- Speak to a financial adviser or insurance broker familiar with business protection.
- Compare providers
- Set up the policy through your company, with premiums paid by the business.
- Get Professional Advice
Choosing the right Insurance policy can feel daunting, but you don’t have to do it alone. Speaking with an Insurance advisor can help you understand your options and find a product that fits your budget and long-term plans.
At Morrow, we have expert mortgage advisors who are here to help and find the best solution for you, we work with Insurers across the whole market, so we can compare a wide range of products and help you make an informed decision with confidence.
