How to compare relevant life insurance providers
A relatively small number of insurers underwrite the relevant life insurance market.
These include Aviva, Legal & General, Royal London, LV= and Vitality.
They have all underwritten relevant life policies for many years, although – as you would expect – there are differences in pricing, how policies are structured, and how applications are assessed.
A sensible approach is to compare quotes from more than one insurer and consider using an Independent Financial Adviser (IFA) with experience working with limited company directors, in particular.
You can also get in touch with our partner IFA, Broadbench, who will be happy to help.
If you are researching life insurance for directors, start with this guide: what is relevant life insurance?.
Which insurers offer relevant life cover?
The relevant life market is fairly niche, and most quotes come from a relatively small group of insurers, including Aviva, Legal & General, Royal London, LV= and Vitality.
There is no ‘best’ option, as different insurers will be right for different companies, as quotes depend on a wide variety of factors, including the employee’s age, health history, and income multiples.
Comparison at a glance
| Provider | Typical strengths | Things to check | Often suits |
|---|---|---|---|
| Aviva | Well-known mainstream insurer with a broad business protection proposition | Check the exact policy structure and any additional features included in the quote | Directors who want a strong all-round option |
| Legal & General | Often considered in straightforward cases where price is important | Premiums still vary by age, health and cover level | Simple limited company cases |
| Royal London | Well regarded in the relevant life market and often used on more tailored cases | Available cover will still depend on remuneration and underwriting | Higher earners and more technical cases |
| LV= | Established insurer with a credible business protection range | May not always be the cheapest quote, so comparison matters | Directors who want another mainstream option |
| Vitality | Different style of proposition with a rewards-led model | Less traditional than some other insurers, so it will not suit everyone | Directors who like the wider Vitality proposition |
Aviva
Typical strengths: Well-known mainstream insurer with a broad business protection proposition.
Things to check: Check the exact policy structure and any additional features included in the quote.
Often suits: Directors who want a strong all-round option.
Legal & General
Typical strengths: Often considered in straightforward cases where price is an important factor.
Things to check: Premiums still vary by age, health and cover level.
Often suits: Simple limited company cases.
Royal London
Typical strengths: Well regarded in the relevant life market and often used on more tailored cases.
Things to check: Available cover will still depend on remuneration and underwriting.
Often suits: Higher earners and more technical cases.
LV=
Typical strengths: Established insurer with a credible business protection range.
Things to check: May not always offer the cheapest quote, so worth comparing.
Often suits: Directors seeking another mainstream option.
Vitality
Typical strengths: Different style of proposition with a rewards-led model.
Things to check: Less traditional than some other insurers, so it will not suit everyone.
Often suits: Directors who like the wider Vitality proposition.
Aviva
Aviva is one of the better-known names in the UK protection market and is regularly used for relevant life cases. It is often a sensible starting point for directors who want a mainstream provider with an established business protection proposition.
One reason Aviva stands out slightly is that its relevant life proposition is not always framed in exactly the same way as every other insurer. Depending on the quote and structure, there may be additional features worth checking carefully, rather than focusing only on the monthly premium.
That makes it worth looking at the policy details, not just the headline cost.
Legal & General
Legal & General is another major insurer in this market and is often included when comparing relevant life quotes.
It is commonly seen in straightforward director cases and is often considered where keeping the premium down is a priority.
That said, being known for lower premiums doesn’t always mean this is the right fit for all directors.
If your income includes a mix of salary and dividends, or you need a large amount of cover, it still makes sense to compare several insurers rather than assuming the lowest initial quote is automatically the best choice.
Royal London
Royal London is well established in the relevant life market and is often used where the company taking out the policy needs a more tailored approach. It is also one of the insurers most frequently discussed in technical guidance around relevant life policies.
That can make it a strong option where the case is less straightforward, especially if you need higher levels of cover, or the employee’s remuneration is more nuanced than a simple salary-only arrangement.
LV=
LV= is a genuine relevant life provider and deserves to be included in any serious comparison page. It is sometimes left out of generic round-up articles, but it is a credible option in the market and is regularly included by IFAs when comparing quotes.
As with any provider, brand recognition is rarely an important consideration. The focus should be on whether the quote, policy wording, and underwriting decision align best with your individual requirements.
Vitality
Vitality is also worth including because some brokers do use it for relevant life cover. It is slightly different in feel from the more traditional providers, largely because its wider proposition is built around rewards and member engagement rather than just a standard protection product.
That can appeal to some directors, while others may prefer a more conventional setup. For that reason, Vitality is usually best treated as one option to compare rather than a default choice.
What matters when comparing providers
Most directors are not as interested in which insurer underwrites their policy as they are in practical points such as:
- the monthly premium
- how much cover is available
- how the insurer looks at salary and dividends
- how straightforward the underwriting process is
- how suitable the policy structure is for the company and the insured person
Should you try to choose the insurer yourself?
Usually not. It is generally better to treat the provider as part of the comparison rather than as the starting point.
One insurer may price the case more competitively. Another may be more suitable for a more complex remuneration structure. Another may simply offer terms that sit better with your needs.
That is why many limited company directors arrange relevant life insurance by comparing several quotes at the same time rather than deciding on one brand in advance.
We recommend speaking with an IFA who can offer impartial advice and compare providers for you.