What type of life insurance can you have under a relevant life policy?

I am a company director and have a mortgage and a family I want to protect with some life insurance. I spoke to my accountant and he mentioned relevant life cover, is it possible to use this to cover protect these risks?

Question asked by Richard Fry
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Answered by Tom Conner

Relevant life insurance was primarily designed to provide small companies (those with less than 5 employees who are unable to obtain group quotes) take out a company paid life insurance policy in a tax efficient manner.

As a result relevant life cover should be used in a a similar manner providing a multiple of salary (often between 4 and 10 times gross salary) of life cover to said employees.

It has not been designed to directly protect any outstanding mortgage debt.

To make sure it is set-up correctly it is best to speak to a financial adviser, if you would like us to help please do not hesitate to call us on 0208 432 733 or email us at help@drewberry.co.uk

Our expert advisers will be able to talk you through the different options in more detail.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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