Relevant life is a tax-efficient way to provide life cover to company directors and employees of small businesses who are not eligible for a group death-in-service scheme. It can also be useful for high-earning individuals who require more coverage than their death in service benefits or those with substantial pension funds.

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Relevant life cover offers tax benefits to both employers and employees. The company pays the premiums, which are generally considered an allowable business expense by HMRC and are therefore exempt from corporation tax. Employees do not have to pay tax on the premiums or any lump sum benefit received.

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Additionally, both the premiums and any lump sum benefit are eligible for relief from income tax and National Insurance contribution