1. Employer-Owned Policy :

   With Relevant Life Insurance, the employer takes out the policy on behalf of an employee. The business pays the premiums, and the policy is owned by the employer. This means that the premiums are usually tax-deductible as a business expense, subject to certain conditions.

2. Death-in-Service Benefit :

   If the employee covered by the policy were to pass away while employed by the company, the policy pays out a tax-free lump sum to the employee's beneficiaries. This benefit provides financial security to the employee's loved ones in the event of their death.

3. Tax Efficiency :

   One of the main advantages of Relevant Life Insurance is its tax efficiency. Premiums paid by the employer are usually tax-deductible as a business expense, meaning they can reduce the company's taxable profits. Additionally, the death benefit paid out to the employee's beneficiaries is typically tax-free.

4. Individual Policies :

   Each Relevant Life Insurance policy covers a single employee and is tailored to their specific circumstances. The policy can be set up to provide a lump sum benefit or a combination of lump sum and regular income payments to the employee's beneficiaries.

5. No Benefit-in-Kind Tax :

   Because Relevant Life Insurance is considered an employer-provided benefit, the premiums paid by the employer and the death benefit received by the employee's beneficiaries are typically not subject to income tax or National Insurance contributions.

6. Eligibility Criteria :

   To qualify for Relevant Life Insurance, the employee must be a full-time, salaried employee of the business and not a shareholder in the company. Certain other conditions may apply depending on the insurance provider.

Overall, Relevant Life Insurance offers a tax-efficient way for small businesses to provide valuable death-in-service benefits to their employees. It can help attract and retain talent while providing financial protection to employees' loved ones in the event of their death. However, it's essential to consult with a financial advisor or insurance specialist to determine if Relevant Life Insurance is suitable for your business and employees' needs.