Relevant Life Tax Saving Calculator

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05-09-2020

Relevant Life Cover is one of the most tax-efficient ways of providing life insurance for an employee/director of a limited company.

  • The policy is paid for by your business and the premiums are HMRC approved as a tax-deductible business expense (providing you meet strict conditions when setting up the policy).
  • Premiums are not treated as a P11D benefit and don’t have any National Insurance implications for either the employee or the employer.
  • A claim is paid tax free should the policyholder die.

A company director in the 40% tax bracket could make savings of up to 50% when compared to a personal life insurance because of the tax-efficiency of policy.

You can use our relevant life calculator below to work out your exact savings based on your chosen premium.

Relevant Life Insurance Calculator

Calculate the tax savings you can make by taking out a company paid Relevant Life Insurance policy instead of a personal Life Insurance policy.

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Relevant Life Policy Criteria & Eligibility

There are a number of conditions to ensure the policy passes the eligibility criteria for it’s tax status. The most important are:

  • It cannot include critical illness insurance
  • The policy must be set-up in a specific relevant life trust from inception.
  • It is not being set-up purely for tax avoidance.

Providing these conditions are met relevant life cover can be an incredibly tax-efficient term assurance. The individuals who can benefit the most include:

  • A director who currently uses their personal income to pay for life cover
  • A small business owner who wants to cover a single employee
  • Higher earners who are looking to avoid their death-in-service benefits becoming part of their lifetime allowance for pension purposes.

Compare Relevant Life Quotes & Get Expert Advice

We are here to take the hassle out of setting up relevant life cover.

As expert advisers we will help you navigate HMRC rules. We’ll ensure you meet the eligibility criteria and will structure the policy correctly to take advantage of the available tax savings.

Why Speak To Us?

We started Drewberry™ because we were tired of being treated like a number.

We all deserve a first class service when it comes to issues as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

If you need help setting up relevant life cover give us a call us on 02084327333 or email help@drewberry.co.uk.

I had a great experience with Drewberry, they have a lot of knowledge and expertise with life insurance and income protection and were able to advise me and arrange suitable products. Highly recommend.

Lachlan Mellings
12/08/2020
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Contact Us
Head Office & Pensions and Investments
Senator House
85 Queen Victoria Street
London
EC4V 4AB
Personal Insurance & Accounts Payable
Telecom House
125-135 Preston Road
Brighton
BN1 6AF
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Our Core Principles
  • 1You Come FirstWe are a client focused business who always aim to put you first.
  • 2We are ExpertsTo provide you with the best advice, we need to know our stuff!
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  • 4We are ProfessionalProviding a 5-star service requires a professional approach to everything we do.
  • 5We are here to EducateWe don't believe in sales, we are here to educate so you can make informed decisions.
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If you are unhappy with our service, we have a complaints procedure, details of which are available upon request. If you are unhappy with how your complaint has been dealt with, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). The FOS website is www.financial-ombudsman.org.uk.

Drewberry Ltd is registered in England and Wales. Companies House No. 06675912

Drewberry Ltd registered office: Telecom House, Preston Road, Brighton, England, BN1 6AF. Telephone 0208 432 7333

Drewberry Ltd (Financial Conduct Authority No. 505473) is an Appointed Representative of Quilter Wealth Limited and Quilter Mortgage Planning

Limited, which are authorised and regulated by the Financial Conduct Authority.

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