A single-life death-in-service policy a company arranges on one employee or director, held in trust.
Tax legislation treats benefits under a relevant life policy as "excluded benefits", which is why small companies use these plans where a group scheme is not available. The statutory conditions shape the product: death benefit only, no surrender value, benefits for an individual or charity, and no tax-avoidance purpose. The plan must be written correctly and placed in trust at outset; a policy that fails a condition is simply a company-owned life policy with a different tax outcome.