Who Can Have Relevant Life Insurance?

I am a company director and I’m looking for some life insurance and came across relevant life cover and wanted to know more…

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Answered by Andrew Jenkinson

Thanks for your question regarding relevant life insurance.

What is Relevant Life Insurance?

Any employee of a business can have a relevant life policy which is arranged by their employer. The business can be a limited company, a partnership, a charity or a sole trader.

The employee can be a company director, so the good news is that your company can purchase Relevant Life Insurance for you.

Salaried partners taxed as schedule E can be covered but equity partners and sole traders taxed under schedule D cannot.

Relevant life policies can only be single life policies, so you can’t include a spouse.

Tax Efficient Life Insurance

Relevant Life policies really are a really tax-efficient way to arrange life cover as opposed to paying for premiums out of your net income.

Premiums are tax-deductible as a business expense, thereby saving corporation tax of 19%. They are not a benefit in kind so not subject to income tax or national employment contributions from the employer or employee.

If you would like any more information about relevant life insurance please see our Relevant Life guide or contact one of our team of advisers on 02074425880.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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