Relevant Life Cover
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With a relevant life cover policy the business makes the payments and is designed to payout a lump sum if you or the employee dies whilst employed between the policy agreements. The main benefit is that you will not pay any national insurance contributions or income tax on the premiums and this being said you still benefit from corporation tax relief. Relevant life cover will also payout if the employee is diagnosed with a terminal illness.
Benefits of relevant life cover
- Although the business will pay the premiums, they are not normally assessable for income tax on the employee as a benefit in kind. This will make you a significant saving, especially if you are a higher or additional rate taxpayer.
- The payments made won’t form part of the employee’s annual allowance.
- Premiums are not assessable on the employee for national insurance contribution purposes.
- The death benefit (including terminal illness benefit) will not form part of the employee’s pension lifetime allowance.
- If you leave the company the cover can go with you.
The person covered must be a resident of the UK and an employee of a UK business and cover will stop by age 75.
- The employer takes out a policy on the employee and pays the premium.
- The policy term cannot exceed the employee's 75th birthday.
- Can cover up to 25x Salary and Dividends
- Maxium Legnth Of Plan is 40 Years.
Receive a Quote
To receive a relevant life cover quote all you need to do is complete our online form and one of our advisors will be in touch. All of our relevant life cover quotes are searched by FCA regualted brokers.
Benefits of life insurance
There are many benefits when taking out life insurance but here are a few reasons to why you should purchase life cover.
- Will help towards funeral expenses.
- Will pay-off your mortgage in event of death.
- Will help support your family with education or childcare costs.
- All Medical conditions are accepted.
Our life insurance guide will help you find the right life insurance policy.
Types Of cover available