Relevant Life Policies are a cost-effective alternative or ‘top-up’ to group death in service benefit.
A loan that one or more persons receive in order to buy a house or other residential property in which they will live. The loan is secured by a lien on the property; the borrowers repay it over a specified period of time. The interest on a residential mortgage is tax deductible under most circumstances.
Many companies offer their employees a ‘death in service’ benefit, paying the employee’s family a lump sum if they die while they’re employed. However, this kind of benefit doesn’t suit every company.
It’s not normally available to companies with fewer than five employees
It’s arranged on a group basis which makes it harder to tailor benefits to suit your most valuable people
It may not suit everybody either, high earners with large pension pots can find it takes them over their Lifetime Allowance
There is however a tax-efficient and cost-effective alternative for both you and your employees. Save nearly 50% tax (compared to an ordinary life policy) and reward your people with discounts and rewards that help them lead a healthy lifestyle when you take out a Relevant Life Policy with VitalityLife.
A Relevant Life Policy from Vitality Life comes with a great range of discounts and rewards. Allowing you to offer your employees a wide-ranging benefits package which not only rewards them but helps them to live life well. Healthy employees:
are more engaged
take less time off sick
are more productive