Relevant Life Policy
Posted on March 5th, 2011 in All Posts, Business Protection, Relevant Life Policies.Discover the tax advantages of a Relevant Life Policy
Up until recently if a company director got the company to pay for their personal life insurance premiums this would be classed as a P11D benefit. However Bright Grey came up with a very innovative product known as a relevant life policy. This was designed with small business owners such as limited companies where the company can pay for the life insurance premiums for employees. Here at Quotes4Life.co.uk we have had many enquiries from company directors many of whom are smaller businesses some of which are husband and wife run businesses. The results have been a saving of up to 47% off their life insurance premiums as the company has paid for the cover.
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Discover the tax advantages of a Relevant Life Policy
Up until recently if a company director got the company to pay for their personal life insurance premiums this would be classed as a P11D benefit. However Bright Grey came up with a very innovative product known as a relevant life policy. This was designed with small business owners such as limited companies where the company can pay for the life insurance premiums for employees. Here at Quotes4Life.co.uk we have had many enquiries from company directors many of whom are smaller businesses some of which are husband and wife run businesses. The results have been a saving of up to 47% off their life insurance premiums as the company has paid for the cover.The New Death In Service Benefit
The relevant life policy is in affect a death in service benefit insurance. These have been available for a while and are classed as a full business expense. However businesses need to have 10 or more employees to have a death in service benefit policy. This made death in service insurance beyond the reach of most smaller limited companies. In addition most company directors didn’t want to pay for all their employees life insurance they just wanted the company to pay for major shareholders and spouse shareholders.
The tax benefits of a relevant life policy are illustrated in the image below:
relevant life table
Discover more about relevant life insurance ring Damian on 0800 612 3367
More Relevant Life Policy Sections
Use our on-line relevant life policy savings calculator to see how much you can save. View the most common frequently asked questions about relevant life insurance. View all relevant life policy posts. We have also compared the benefits and features of the 4 relevant life providers.
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