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Who Are The Best Relevant Life Insurance Providers?

Given the tax benefits of taking out Relevant Life Insurance over a personal policy I wanted to know which UK providers offer this product?

Question asked by Keith Brannigan
Boat
07/08/2020

Most of the insurers offering personal Life Insurance (that an individual pays for themselves, from a personal bank account) also offer Relevant Life Cover.

Below is a list of the top UK Relevant Life insurers. We’ve also included the additional benefits each provider offers alongside the policy to help you make an informed decision.

However, to benefit from the favourable tax position it is very important to structure Relevant Life Insurance in the correct way making sure the appropriate trust is in place from the outset.

If you need help setting up your cover please do not hesitate to popo us a call on 02084327333.

  • AEGON
    In 2019, Aegon paid 96% of all Life Insurance claims. They offer online trusts with their YourLife Plan and their additional benefits include a second medical opinion service, funeral pledge and 24/7 counselling helpline.
  • AIG
    In 2018, AIG paid 99% of all Life Insurance claims. They provide an online trust service and their additional benefits include funeral pledge and Smart Health app with Video GP Service.
  • Aviva
    In 2019, Aviva paid 98.6% of all Life Insurance claims. They now provide an online trust service and have a number of additional benefits including Bupa Anytime Healthline, funeral pledge and support plus telephone counselling service.
  • Legal & General
    In 2019, Legal & General paid 97% of all Life Insurance claims. They provide an online trust service and include additional benefits such as a second medical opinion service and funeral pledge. There is an optional Video GP service for an extra monthly cost.
  • Liverpool Victoria
    In 2019, LV paid 95% of Life Insurance claims. They do not have an online trust service but do provide additional benefits such as Virtual GP, Second Medical Opinion Service and funeral pledge.
  • Royal London
    In 2019, Royal London paid 94.3% of Life Insurance claims. They provide an online trust service and offer additional services such as Red Arc Nurse Support Service and a funeral pledge.
  • Scottish Widows
    In 2019, Scottish Widows paid 99.4% of Life Insurance claims. There is no online trust available however they do provide RedArc Support Service and funeral pledge.
  • Vitality
    In 2019, Vitality paid 99.5% of Life Insurance claims. There is an online trust service and they offer a number of additional benefits through their healthy living app including discounts for fitness goods and everyday items like high street coffee shops.
  • Zurich
    In 2019, Zurich paid 99% of Life Insurance claims. They provide an online trust service as well as a counselling helpling and funeral pledge.

The above nine insurers represent a sample of the top providers in the UK Relevant Life Insurance market. However, choosing your insurer is just the start. The next step is getting some quotes.

While our Relevant Life Insurance cost calculator offers instant online quotes, don’t forget that you need to set up the policy correctly to take advantage of the tax breaks.

For example, you’ll need to write the policy into trust at the outset. You’ll also need to ensure you don’t fall foul of any of HMRC’s Relevant Life Insurance rules.

With this in mind, we therefore feel that it’s best to have one of our experts support you through the process. This is entirely free of charge and will ensure you’re putting the cover in place correctly.

We’ll help arrange your insurance from start to finish, tying up all the loose ends to ensure you have the cover you need going forward.

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