Relevant Life Plan


Relevant Life Plans (RLPs) can be used to provide an individual death in service benefit for an employee. It is designed for employers to provide death in service benefits for companies with too few employees for a group scheme or for individuals that need a more tailored solution.

The policy is designed to pay a lump sum in the event of the employee’s death, whilst employed (though the employee can generally nominate to continue with premiums if they do leave). It will also pay-out if the employee is diagnosed with a terminal illness, except in the last 12 months of the policy.

The employer is responsible for paying the Relevant Life Plan, with the premiums being a tax deductible expense. The benefits are generally paid tax free, but confirmation for this would need to be sought, and can be paid to the company or the individuals beneficiaries.

Unlike death in service, the benefits do not form part of the pension lifetime allowance.

RLPs can therefore provide a cost effective way to insure against death, saving the employer and employee against the cost of buying the policy personally. Contact Finn Associates for a no obligation conversation, to better understand the potential savings your company could make.


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