What are the advantages of Relevant Life Cover?
Relevant life insurance is taken out and paid by your limited company. As a business expense these payments are tax deductible (subject to your accountants tax advice)
Relevant life insurance is designed to provide cover to certain individuals within the business, typically the directors but can be for any employee. The company owns the policy and will pay the policy premiums. In the event of a claim, the proceeds of the policies will be paid to the relevant staff members beneficiaries.
This can often be a lower-cost alternative to group life schemes which would usually be setup for the entire company.
The premiums cost the same amount as they would if you had taken out a personal policy. However, the overall costs is attributed to the company rather than the individual and it is not taxed as a benefit in kind.
Getting the right advice for Relevant Life Cover in Somerset
Aspire Financial Services is a specialist mortgage and insurance broker. We have access to a wide range of insurance products to cater for your individual needs and budget.
Contact us today and find out how we can help. We even offer a free 30-minute consultation.