Relevant life insurance offered by Aviva is a type of insurance policy specifically designed for small businesses to provide life cover for their employees It is a tax-efficient way for employers to offer a valuable benefit to their staff without incurring the costs of a traditional group life insurance scheme.
Aviva is a well-known insurance provider that offers a range of products and services to individuals and businesses Their relevant life insurance policy is a popular choice for employers looking to provide their employees with financial protection in the event of death or critical illness.
So, what exactly is relevant life insurance and how does it work? Relevant life insurance is a type of life insurance policy that is taken out by an employer on behalf of an employee The policy pays out a tax-free lump sum to the employee’s beneficiaries if they die or are diagnosed with a critical illness during the term of the policy.
One of the main advantages of relevant life insurance is its tax efficiency Premiums paid by the employer are usually treated as a business expense, which means they can be offset against corporation tax This can result in significant savings compared to a personal life insurance policy, where premiums are paid out of the employee’s post-tax income.
Another advantage of relevant life insurance is that it is portable, meaning the employee can take the policy with them if they change jobs This can provide valuable continuity of cover and peace of mind for the employee and their loved ones.
Aviva’s relevant life insurance policy offers a range of additional benefits, such as terminal illness cover, which pays out the benefit early if the employee is diagnosed with a terminal illness and has less than 12 months to live The policy also includes access to Aviva’s Best Doctors service, which provides expert medical opinions and treatment recommendations from leading specialists around the world.
Aviva’s relevant life insurance policy is flexible and can be tailored to suit the specific needs of the employer and their employees relevant life insurance aviva. The policy can be set up on a single life basis or cover multiple employees, and the level of cover can be adjusted to reflect changes in the employee’s salary or circumstances.
One of the key considerations when taking out relevant life insurance is choosing the right level of cover Aviva’s experienced advisers can help employers calculate the appropriate amount of cover needed based on the employee’s salary, benefits, and personal circumstances It is important to review the level of cover regularly to ensure it remains adequate as the employee’s circumstances change.
In conclusion, relevant life insurance with Aviva is a tax-efficient and flexible way for employers to provide their employees with valuable financial protection The policy offers a range of additional benefits and can be tailored to suit the specific needs of the employer and their employees By taking out relevant life insurance, employers can demonstrate their commitment to their staff’s wellbeing and provide peace of mind for their loved ones in the event of a tragedy.
For more information about relevant life insurance with Aviva, employers are encouraged to contact a financial adviser or visit Aviva’s website to learn more about the benefits and features of this valuable insurance policy Investing in relevant life insurance can provide long-term security and peace of mind for both the employer and their employees.