Relevant Life Cover is a type of life insurance that is often used by employers to provide death in service benefits for their employees. It is a tax-efficient way to provide life insurance for employees without the need for a formal company scheme. In the UK, there are several providers that offer relevant life cover, each with their own unique features and benefits. In this article, we will discuss some of the top relevant life cover providers and what sets them apart from the rest.
One of the most well-known relevant life cover providers is Legal & General. They offer a comprehensive range of benefits, including cover for up to 25 times the employee’s salary, terminal illness cover, and the option to add critical illness cover. Legal & General also provides flexibility for employers, allowing them to adjust the level of cover as needed and cover for overseas travel. Their claims process is straightforward and they have a reputation for excellent customer service.
Another top provider of relevant life cover is Aviva. Aviva offers cover for up to 15 times the employee’s salary, along with terminal illness cover and the option to add critical illness cover. Aviva also provides access to a range of support services for employees and their families, such as counselling and bereavement support. They have a user-friendly online portal for employers to manage their policy and a dedicated team of experts to help with any questions or concerns.
Aegon is another reputable provider of relevant life cover. They offer cover for up to 20 times the employee’s salary, along with terminal illness cover and the option to add critical illness cover. Aegon’s policies are flexible, allowing employers to tailor the cover to suit their needs. They also offer a range of additional benefits, such as access to a second medical opinion service and support for employees with mental health issues. Aegon has a strong track record of paying claims quickly and efficiently.
One of the newer players in the relevant life cover market is Royal London. They offer cover for up to 20 times the employee’s salary, along with terminal illness cover and the option to add critical illness cover. Royal London has a reputation for innovation, with a focus on providing digital solutions for employers and employees. They also offer a range of additional benefits, such as access to online health and wellbeing tools. Royal London is known for their competitive pricing and excellent customer service.
Vitality is another provider that offers relevant life cover. They offer cover for up to 15 times the employee’s salary, along with terminal illness cover and the option to add critical illness cover. Vitality is unique in that they offer rewards and incentives for employees who engage with their health and wellbeing programs. These can include discounts on gym membership, cashback on healthy food purchases, and even free cinema tickets. Vitality is known for their innovative approach to insurance and their commitment to promoting healthy lifestyles.
In conclusion, there are several top providers of relevant life cover in the UK, each with their own unique features and benefits. Legal & General, Aviva, Aegon, Royal London, and Vitality are just a few of the companies that offer this type of insurance. Employers looking to provide death in service benefits for their employees should carefully consider their options and choose a provider that meets their needs. With the right relevant life cover provider, employers can ensure that their employees are protected financially in the event of their death, providing peace of mind for all involved.