A Relevant Life Plan is a cost-effective way for your client to arrange life insurance for their employees. It pays a lump-sum to the employee’s family if they die or are diagnosed with a terminal illness with a life expectancy of less than 12 months.

Relevant Life Plans can be tax efficient for both your client and their employees. The policy is most suited to small businesses that don’t qualify for a large group scheme, or for those who want to top-up an existing group policy.



Key features and benefits



Tax-efficient policy

The plan counts as a business expense so it’s tax deductible and doesn’t count towards annual or lifetime pensions.

Inheritance Tax benefits

Writing the plan in trust can help manage future inheritance tax liability.

Includes Accidental Death Benefit

Your client is covered while we process their application.

We’ll beat competitors

In some instances, you may be able to use Price Beater to get the best price for your client. Please see our Price Beater guide for more details.

Changing Your Policy option

Allows your client to increase cover on specified events, without further medical questions. Eligibility criteria and restrictions apply.

Continuation Cover

Can be converted to a personal policy using Continuation Cover or moved to a new employer if an employee leaves the business.

Support from Umbrella Benefits

Wellbeing Support

Access included as standard. Personalised practical and emotional telephone support from a registered nurse. Provided by RedArc Assured Limited.

Man and boy on beach

Quote and apply with OLP Connect

Submit and track business with our all-in-one pipeline management system.

Product details

For full details, see key documents for the Policy Summary and Policy Booklet

Cover overview

For full details, download the Product Profiles PDF: 905KB document.

Minimum cover
  • No minimum amount of cover. Driven by minimum premium
Maximum cover
  • Depends on the employee’s age and remuneration:
    • Age 18 to 49 – up to 25 x remuneration
    • Age 50 to 59 – up to 20 x remuneration
    • Age 60 to 73 – up to 15 x remuneration
  • Remuneration includes salary, bonuses, benefits in kind and regular dividends from shares in the employer's company or a company within the employer's group of companies
Type of cover

The following types of cover are available:

  • Level cover
  • Increasing cover
  • Increasing cover increases each year in line with changes in the Retail Prices Index (RPI), up to a maximum 10%. The premium increases in line with the change in the RPI multiplied by 1.5 subject to a maximum increase of 15% per year
Minimum term
  • 1 year for level cover
  • 2 years for increasing cover
Maximum term
  • 50 years
Minimum age
  • 18 years old. The policy should be set up as a Relevant Life Plan in the usual way, with the business as the policy owner and written under trust
  • The minimum age at the end of the policy is 29
Maximum age
  • The maximum age for buying a policy is 73 years old
  • The policy must end by your client’s 75th birthday
  • Guaranteed. Unless Increasing cover is selected
  • Premiums are payable monthly or annually by Direct Debit by the employer
  • Policies must be placed into a Relevant Life Plan trust
Death in the first year
  • If the life insured dies within the first year of holding the policy, as a result of suicide or intentional and serious self-injury or an event where, in our reasonable opinion, the life insured took their own life, the policy will be cancelled.

Benefits and options

Accidental Death Benefit
Changing your policy (previously known as Guaranteed Insurability Option)
  • Can increase cover on certain specified events, without need for further medical evidence
  • Eligibility criteria and restrictions apply
Other changes
  • Your client can request to make other changes to their plan. A new policy may need to be set up
Continuation Cover
  • Included
Wellbeing Support
  • Access included. Service provided by RedArc Assured Limited
Terminal Illness Cover
  • Automatically included for all policies with a term of two years or more

More from Adviser Protection


Our guide to trusts, their benefits, and how to set one up for your client.


Get pre-sale support with underwriting limits, ratings, exclusions and more.

CPD Academy

Earn structured CPD with our CII-accredited webinars and workshops.