Relevant Life Insurance

 

If We Want Tax Efficient Personal Cover?

A relevant life policy is a stand-alone single life policy for individuals up to the age of 75. It is an alternative way for employers to give death-in-service benefits to their employees outside of a registered group life scheme.


Relevant life policies are particularly suitable for high-earning directors or employees who have substantial pension funds and do not want their death-in-service benefits to form part of their pension lifetime allowance.


In addition, directors of companies may prefer to take out a relevant life policy to provide a lump sum benefit for their families, as opposed to a personal life policy.


Aside from providing life cover, the two additional key benefits of a relevant life policy are that it is both an allowable expense for corporation tax and is not classed as a P11D benefit. As such, relevant life policies purchased through a business can provide personal cover with a significant saving to the gross cost of a standard life insurance policy purchased personally.


Please get in touch if you would like to speak to us about arranging a relevant life insurance policy through the business by emailing contactus@jlib.co.uk or calling 020 7633 2222.

 

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