Legal & General has launched Relevant Life Plan, a term assurance plan available to employers to provide an individual death in service benefit for an employee.
It is designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness during the term. It can be a cost effective and tax efficient way for employers to provide death in service benefits for their employees, where the number of employees is too small to be eligible for a group scheme.
It is also aimed at high income earning employees or directors.
Alison Manning at Legal & General says, "The plan compliments our existing business protection and group life offerings. This is a tax efficient benefit hat employers of small businesses can provide for their employees, providing them with peace of mind should the worst happen".