Legal & General has launched a new relevant life plan to enable employers to provide an individual death in service benefit for an employee.
The provider originally announced its intention to do so at the COVER Health and Protection Forum but has only now revealed full details. It is designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness during the term and can be a cost effective and tax efficient way for employers to provide death in service benefits for their employees, where business is too small for a group scheme. L&G added that it can also be utilised by high income earning employees or directors who don't want the potential policy benefits to count towards their lifetime allow...
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