LV= has launched its new ‘Relevant Life Cover’ product on LifeQuote’s Business Protection area.

Small business have grown by 200,000 in the last two years to 4.8 million, employing over 22.5 million people and boasting an annual turnover of over £3,200 bn.

LV= says Relevant Life Cover is a tax efficient way for small businesses to provide stand-alone, single life, death in service cover for employees, high earning individuals and salaried directors.

Written in trust, it pays a tax-free lump sum to the beneficiaries or dependants if the person dies or is diagnosed with a terminal illness while employed during the term of the plan.

Neil McCarthy, sales director at LifeQuote, said: “Business protection is enjoying a renaissance, thanks to a significant growth in the number of small businesses, We are acting to ensure that we have the broadest range of providers and products to meet the demands of advisers. LV= made it very easy for us to work with them, and we are pleased that we can deliver advisers with the only comparison service that includes the LV relevant life product.”

Mike Farrell, LV= head of sales, added: “We are delighted that LifeQuote has added our product to their service, especially at a time when there has been considerable interest in our new product.

“Setting up relevant life policies is an excellent and tax efficient way for small businesses to provide death in service benefits.”