What is relevant life insurance?

A Relevant Life Insurance Plan is taken out by a company on behalf of a specific employee and the employee’s family gets a lump sum if the employee dies when employed, while the plan is in place. This relevant life insurance plan provides extra economical security to the employee’s family.

The advantages of Relevant Life Insurance are becoming more apparent to business owners and executives. Nonetheless, it is likely one of the most undersold insurance plans available. Traditionally, only major corporations have been providing death in service insurance to their workers via a corporate community life plan. Death-in-service policies, which pay 4 or 5 times one’s annual income upon death, are common. However, this is only applicable to big companies. Small and medium businesses, on the other hand, have now started including Relevant Life Cover in their employment package. In reality, most of the small companies have only one to five employees. It’s definitely worth considering whether you’re the owner of a small business or one of the company’s executives.