Life insurance for the tax savvy contractor.

Life insurance for the tax savvy contractor.

Life insurance for the tax savvy contractor.

Life insurance for the tax savvy contractor.

Life insurance for the tax savvy contractor.

What is Relevant Life Insurance?

What is Relevant Life Insurance?

Put simply, Relevant Life Insurance is tax efficient life cover for company Directors and LTD company employees. It moves the cost of your life insurance policy from your pocket to your company expenses & the taxman - saving you money.

A Relevant Life Insurance policy is a tax-efficient way of providing yourself (or your employees) with personal life cover - paid for by the business, as a company expense.

6 Ways Relevant Life Insurance can save you tax:

6 Ways Relevant Life Insurance can save you tax:

1. Save Tax

You immediately save tax by the business paying the life cover premium.

2. Not Treated as

It is not treated as a benefit-in-kind; the premium is not included as a P11D benefit.

3. Not Subject to

Premiums are not subject to National Insurance payments for the employer or employee.

4. Tax Relief

Your business can claim Corporation Tax Relief on the premiums.

5. Tax Free

The benefit is payable tax free.

6. Does not Count

The benefit does not count towards your lifetime allowance for pension purposes.

How much could I save with Relevant Life Insurance?

Let’s say you own your own company and pay £100 a month from your own pocket for life insurance - it’s costing your company more than it should.

For starters, if you’re a 40% taxpayer, there’s income tax and 2% employee national insurance contribution, plus 13.8% employers’ national insurance contribution.

In fact, after 19% corporation tax relief, the net cost to your company works out at £158.93 per month for you to pay for the policy personally.

Contractor Private Office was set up for precisely this scenario.

Simply put, we operate a guidance service for every financial aspect of your business - with zero jargon, legalese, or unnecessary complexity.?

If you pay £100 a month for a Relevant Life Plan you won’t pay any national insurance contributions or income tax on the premiums but you still get the 19% corporation tax relief, making the net cost only £81 per month.

That’s a huge saving of £77.93 a month or £935.16 over the year.

Contractor Private Office was set up for precisely this scenario.

Simply put, we operate a guidance service for every financial aspect of your business - with zero jargon, legalese, or unnecessary complexity.?

Relevant Life Insurance doesn't only save you money, it can be used to protect:

Further reading from our Blog

The cost of raising a child increases
According to research from LV,* the cost of raising a child has reached an all-time high of over £230,000, which is now more expensive than the UK's average house price.
Read more.
18.4 million without life insurance. Are you one of them?
According to YouGov, there were 18.4 million people in the UK in 2014 without life insurance, making up a surprisingly high 46% of the UK adult population!
Read more.
Do you share a joint mortgage? If so, take note!
More and more couples are jumping on the property ladder together in order to achieve their desired home. But a worrying proportion still fail to review life insurance when they take this significant step.
Read more.

We’re proud to have a client base who love who we are and how we work.

"Tom organised a thorough review of my life insurance needs and gave me clear, succinct and timely advice on the options available to me, and the costs involved, and best of all set up a tax efficient way to set up my life cover and business protection insurance. I would highly recommend Tom to owner/managers and entrepreneurs."

- Jamie Wollen
Owner at Jamie Wollen & Associates LLP

"Nathan was knowledgeable and very helpful. After thoroughly analyzing my situation he made useful suggestions, which helped us to collaboratively arrive at a suitable solution. Once the process was put in motion, Nathan maintained communication with me, giving me regular updates. At all times I felt confident in his judgment"

- Jeremy Towers
Solaris / Linux Migration Specialist

"Nathan has recently helped me choose a couple of insurance covers, explaining them very well in relation to my position as a Ltd company contractor. He's really helpful, also patient and very thorough with his processes. He makes insurance things feel personal without resorting to a 'hard sell'."

- Ben Warwick 
Contract UX/UI Designer

0203 854 1500
advice@relevantlifexpert.co.uk

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Broadbench's Relevant Life Expert is authorised and regulated by the Financial Conduct Authority number 590288 in respect of mortgage and insurance mediation activities only.
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