Relevant Life Cover
How can Relevant Life Cover help your business?
As a salaried Company Director, you can pay for life cover, death in service, through your business as a business expense. The benefit of this is that you will save tax and National Insurance on the premiums as they are paid from the business rather than your net income.
Life Assurance Plans with Flexible Coverage Options
Relevant life cover is a useful way of taking life assurance for family protection as the plan would be written in trust for your beneficiaries and therefore on claim the proceeds would not form part of your estate on death.
You can have any amount of cover between 1 x and 30 x income or a set amount. The policy can have a term to your anticipated retirement age or a maximum age of 75.
Why should I get Relevant Life Insurance?
Should you stop trading your business the policy can be assigned to you and you can continue to pay the premiums on a personal basis. This way you do not lose the cover and the premium will not change.
Six reasons why Relevant Life Insurance can save you tax.
- You instantly save tax by the business paying the life cover premium
- It is not treated as a benefit-in-kind, the premium is not included as a P11D benefit
- Premiums are not subject to National Insurance for the employer or employee
- Your business can claim Corporation Tax relief on the premiums
- Because it is placed in trust the benefit is payable tax free
- The benefit does not count towards your lifetime allowance for pension purposes
Relevant Life Cover FAQs
Just like Life Insurance, Relevant Life Insurance will pay out in the event of a death occurring. But the added bonus with Relevant Life Insurance is that if you run your own business you can run your policy through this, creating a tax saving.
Shareholder Protection pays out a lump sum of money to the remaining business owners to help buy the deceased/critically ill business partner out.
Similar to a personal income protection plan, if you are unable to work due to illness or accident, Executive Income Protection plans will pay you a monthly income, but is payable as a business expense and will also protect pension contributions too.
Key person insurance policy is an insurance policy that protects a business from the loss of a key individual. It covers death, terminal illness or critical illness.
Business Protection Insurance is completely tailored to you, the cost of insurance is all dependent on your budget, and we tailor all our packages to ensure they fit within your budget.
It all depends on who is the best for you and your business needs, insurance providers don’t have a one size fits all product, that’s why it is so important to get insurance advice to be sure your protection needs are met with the greatest of standards.
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