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Most people pay for their life insurance through their post-taxed income from their personal bank account. For company directors and owners of a limited company there is a way to reduce your costs – Relevant Life insurance. It allows the business to pay life insurance premiums without creating a P11D tax liability.
A simple guide to Relevant Life
What is Relevant Life?
A relevant life plan is a tax efficient life cover for Company Directors that is paid for by the company to provide a death in service benefit for the employees dependants..
Smaller-sized businesses – normally employing five or less people – i.e. not usually large enough to operate a group life insurance scheme. Typically employees of such a business have to take out an individual personal protection plan (so they do not benefit from any tax savings) or do not make any provision for life insurance at all and have less cover than they may need.
What are the savings?
As with mortgages Private Finance are completely independent and whole of market providers but unlike mortgages we do not charge any fee for protection services.
To find the best way to protect you and your family, talk to us today.