What is a Relevant Life Plan?
A Relevant Life Plan is an individual ‘death in service’ life policy. It is a term assurance plan designed to pay a lump sum benefit if the person covered dies or is diagnosed with a terminal illness during their employment, within the term of the plan.
Relevant Life Plans are similar to most other types of life cover but can be a very useful tax efficient alternative providing valuable death in service benefits for you and your employees.
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Added peace of mind tax free
The unique way in which Relevant Life Plan’s work mean you can effectively have the taxman help pay for the cover. While the cover is personal to you and your employees’ the policy counts as an allowable business expense so it’s tax deductible and doesn’t count towards annual or lifetime pension allowances.
In most cases Relevant Life Plan premiums and paid benefits qualify for full Income Tax relief, National Insurance relief and Corporation Tax relief.
What can you save with a Relevant Life Plan?
A Relevant Life Plan could result in savings for a business when compared with a typical life policy. Premiums could be reduced by up to 49% if you’re a higher rate taxpayer and up to 40% for a basic rate taxpayer. (Information from Legal and General)
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Relevant Life Plan – Tax Efficient Life Insurance Cover
This video from one of the companies that we work with, Bright Grey, illustrates the value of this type of policy
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To find out how you could benefit from a Relevant Life Plan, contact us today.
“I can highly recommend Christopher and the insurance plans that he sells. Christopher advises on the best plan for each individual and unlike many insurance companies does not insure you for things you don’t need – as a result we have a very cost effective plan. The whole process from start to finish was very quick and simple including the claims process which is exemplary.”
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