Relevant life cover is a concept which is quite similar to death in service insurance and it is owned by an organization in order to provide benefits to its employees. While you can cover several employees at once with death in service policy, a relevant life policy will cover only one employee at a time. If an employee which is having the policy dies in employment then the insurer pays the amount to the company. The amount is distributed properly amongst the family members or nominees of the employee. Here are top companies to consider while looking for relevant life insurance.
Top companies offering relevant life insurance —
- Aegon – This company was originally known as Scottish Equitable and it has got a 5-star rating for the services of insurance that it provides. With more than 3.5 million customers in the UK, it is one of the most popular life insurance company in the country. It is in operation in 25 other countries as well. If you provide your employees with an Aegon Relevant life policy then they also gain access to Aegon’s health and wellbeing service too which is provided by Health assured. With this policy, you get a consultation from qualified counselors.
- Legal and general – This company was established in 2015 and has won the life insurance provider of the year award by Personal touch awards company. The main attraction of its relevant life insurance is that it offers a cover of 25 times the remuneration of the employee up to the age of 50. if the employee is over 50 or over 60 then the cover decreases to 20 and 15 times respectively. If a person wishes to transfer his policy to a new employer in case of job switch then he can do so.
- Liverpool Victoria – this is one of the largest insurance providers in the UK with over 5 million customers. It offers a relevant life cover of 10 million euro with guaranteed premiums that do not change with time. They also provide legal advice, tax advice etc.
- Scottish widows – This is a popular pension provider and insurance company in the UK with over 6 million customers. It can provide a cover of up to 25 million euros and offers an increasing cover too to keep up with inflation.
Zurich – This company is operational in more than 170 countries and provides portable relevant life policies. The policies provided by the company cover a sum equal to the multiple of the employee’s remuneration package which includes salary as well as dividends.