Relevant life cover is a tax-efficient life insurance policy. This type of policy will allow companies to offer their employees a death-in-service benefit. This policy can also be offered to salaried directors. This will be set up by the company and will pay out a tax-free, lump sum on death, or on diagnosis of a terminal illness.
Relevant life cover counts as a tax-deductible business expense. Another major benefit of this type of policy is that it generally allows the employee to change the cover over to a personal plan, if they leave the company.