The new way company directors are arranging life insurance.

Are you a company director?

Are you paying for life insurance from your personal income?

If you are, you probably have personal life insurance.

The problem with personal life insurance is that it doesn't receive any tax relief.

The problem with not receiving any tax relief is that it costs allot more over the term of the policy.

A personal plan costs up to 50% more for a higher rate tax payer, and 40% more for a lower rate tax payer.

Depending on your monthly premium, a personal life plan could costs hundreds of ￡ more per year, and thousands of ￡ more over the term of the policy compared to a Relevant Life Plan.

Savvy directors are switching to Relevant Life insurance.

What is Relevant Life Insurance?

Relevant life insurance is?a type of policy that a business can take out to provide life insurance for an individual employee, including directors. It's an alternative way employers can provide death-in-service benefits for employees outside of a registered group life scheme.

HMRC agree that monthly premiums from Relevant Life plans qualify as a tax-deductible business expense.

There's no P11D, meaning Relevant Life Plans also benefit from income tax relief and national insurance relief.

Who is allowed to have one? Any employee of a business, including directors. The business can be a limited company, a partnership, a charity or a sole trader. However you cannot get cover for sole traders or equity partners?themselves?where they are taxed under schedule D.

If you'd like me to calculate exactly how much you could save by switching to a Relevant Life plan get in touch, you can schedule an appointment with me over call over Calendly, I'm taking appointments UK wide.

Click here to schedule an appointment.

Alternatively call me on 02890 992364