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Increase your benefits with the top up plans



Members of group life schemes who want to top up their benefits. The person covered must be a UK resident and an employee of a UK business and cover must stop by age 75. Relevant Life Cover is not available to sole traders or partnership companies and must be written in a discretionary trust. High-earning employees who might exceed their personal pension lifetime allowance. Registered group life schemes are included in pension legislation, meaning any paid claim is included in the employee’s pension fund. Claims paid under Relevant Life policy HMRC don’t count towards a person’s lifetime allowance.

Debilitating conditions:

Insurers sometimes refer to health insurance as PMI, but in most cases, the product is the same, although what is covered will vary from policy to policy. Health insurance can work in tandem with the free care provided by the NHS, which all UK citizens are entitled to, to give patients control over how they are treated. Self-employed workers, or those with debilitating conditions that don’t receive statutory sick pay, may benefit from health insurance because it fast-tracks treatment. As with any death-in-service scheme, the employee should remember that the life cover they have may cease if they leave their job, or if they lose it.

relevant life policy HMRC

Insurance premiums:

The relevant life policy HMRC plans may offer continuation cover or portability, allowing the individual to maintain the policy themselves, or shift it to a new company if they move jobs. If this portability is available it may not be subject to a further medical check, an important factor as older people and those with health issues are likely to face higher life insurance premiums. Health insurance gives you access to private consultancy at a hospital of your choice, at a time that suits you and your family. If injury or illness befalls you, health insurance covers private treatment with preferred doctors, consultants, hospitals and clinics, for pre-agreed conditions and ailments.

New insurers:

Some insurers also offer a medical advice phone line so you have the option to speak to a nurse. If you have a pre-existing condition, getting affordable cover can be tricky, but it’s not impossible if you shop around. Changing providers mid- or following treatment can also be problematic, as the illness or injury may become a pre-existing condition in the eyes of your new insurer. Bear in mind that health insurance is very different to a healthcare cash plan, which reimburses appointments and certain treatments at the dentist, optician or physician.

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