Pay for your Life Insurance
Life cover for company directors and key employees with the benefit of tax relief on premiums.
Speak to your specialist adviser at Suttons today about Relevant Life Cover for directors and key employees.
Relevant Life Cover provides a death in service benefit to company directors, key employees or high earning employees in a cost effective and tax efficient way.
Premiums are paid through the company and are treated as a business expense. This allows the company to account for premiums as a tax-deductible business cost that can be offset against corporation tax.
What is Relevant Life Cover?
Cover is designed to pay an insured’s family or dependents a cash lump sum in the unfortunate event that they die (or suffer a terminal illness) during the term of the policy.
The cash lump sum could then be used to pay off a mortgage, repay debts or provide a family fund for future living. By placing Relevant Life Cover in a Trust, it provides a tax-free benefit to beneficiaries that sits outside of the taxable estate of the insured.
How do I apply for cover?
Whilst company directors can save on the cost of personally buying cover it can also be used as an additional benefit for employees.
Employees can be acknowledged and reward with an extra benefit that is not subject to income tax and is not seen as a benefit in kind. Relevant Life Cover is portable and the employee can take over payments if they leave the company.
Cover can typically be arranged based on a mix of elements:
- Term (duration of policy)
- Benefit (£)
- Guaranteed or reviewable premiums
- Level term (cover remains consistent throughout the duration of the plan)
- Indexed (cover rises in line with inflation in order to maintain value in real terms)
- Some policies also offer discounts on premiums for keeping fit and healthy.
On a final note, Relevant Life Cover does not have a cash in value, if you stop paying the premiums the cover will stop.
If you are looking for financial peace of mind that comes from having appropriate financial protection then speak to a specialist at Suttons today.
Start your journey today
Start your journey to Enquire about Relevant Life Cover today. Please fill in the form below or alternatively please call our office on 0161 969 1703.
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