Legal & General launch new Relevant Life Policy.
01 November 2011
Legal & General, the UK's number one protection provider*, are launching a new Relevant Life Plan.
A Relevant Life Plan is a term assurance plan available to employers to provide an individual Death in Service benefit for an employee. It is designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness during the term. It can be a cost effective and tax efficient way for employers to provide death in service benefits for their employees, where the number of employees is too small to be eligible for a group scheme. It is also aimed at high income earning employees or directors who don't want the potential policy benefits to count towards their lifetime allowance.
The Legal & General Relevant Life Plan has been reviewed and approved by William Massey QC, a senior barrister, which means that advisers can be confident that the plan is of the highest calibre and fit for purpose.
Alison Manning, Head of Product Development at Legal & General said, "The launch of Relevant Life Plan compliments our existing business protection proposition and group life offering. In the current economic climate this is a tax efficient benefit that employers of small businesses can provide for their employees, providing them with peace of mind should the worst happen".
Clare Harrop, Head of Specialist Protection at Legal & General said, " I am delighted that this product is now available. It gives advisers another opportunity to discuss protection in the corporate sector alongside other business protection needs. With the protection gap still so high this plan can help employers provide protection cover for their employees and ensure they are doing it in the most tax efficient way possible".
Notes to editors
*Swiss re Term & Health Watch 2011 report, based on new individual protection sales in 2010. For more details of the Business Protection proposition offered by Legal & General visit www.legalandgeneral.com/business
An employee of a business, including the directors, are eligible for a Relevant Life Plan. A Relevant Life Plan is not available to Equity Partners of a Partnership, Equity Members of an LLP, sole traders or anybody else who is not an employee. The maximum age for the sum assured is 73 years old. Critical Illness Cover is not included. A Relevant Life Plan provides Death in Service benefits only. The plan includes life cover and terminal illness cover only.
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
Legal & General Assurance Society Limited Registered office:
One Coleman Street, London EC2R 5AA. Registered number 166055
For more information please contact:
PR Manager, Legal & General Group
t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574
About Legal & General
Legal & General Group Plc.
One Coleman Street
Registered in England. Registered Number: 1417162.
Legal & General Group Plc is a holding company, subsidiary undertakings of which are fully authorised as appropriate under the Financial Services and Markets Act in respect of their investment activities in the UK.
© Legal & General Group Plc 2011